Philippine Savings Bank (PSBank), the thrift arm of Metrobank, posted a 15 percent growth in net income of P5.21 billion last year from P4.53 billion in 2023 partly due to fewer non-performing loans.

The record-high profit improved the bank’s return on equity to 12.4 percent from 11.7 percent.

In a report to the Philippine Stock Exchange, PSBank said gross loans rose by 15 percent to P144 billion.

Meanwhile, gross non-performing loans ratio improved to 2.6 percent from 3.3 percent.

Non-interest income from service fees and commissions grew slightly by 4 percent to P14.11 billion.

P165B in deposits

On the liabilities side, deposits stood at P165 billion.

Operating costs inched up by 4 percent as the bank enhanced its processes.

PSBank last year relaunched an improved mobile app to ease the opening of accounts, monitoring of transactions and applying for loans.

“Looking ahead, we expect to capitalize on the growing and evolving needs of consumers,” PSBank president Jose Vicente Alde said.

PSBank remained well capitalized, with total assets of P216 billion and capital funds of P44 billion, which grew by 10 percent from the level in 2023.