Philippine Savings Bank (PSBank) reported 20.1 percent higher net earnings in the third quarter, to P813 million from P677 million in the same period last year on the back of growth in core revenues.
The Ty-led listed lender said this translates to 8.4 percent higher net profits in the January to September period, to P2.2 billion from P2.03 billion last year.
“The encouraging results we’ve reaped are underscored by a bank-wide mindset built on purposeful innovations, enhanced operational efficiencies, and firm decisions backed by data analytics and better understanding of our customers,” PSBank president Jose Vicente Alde was quoted as saying in a disclosure to the stock exchange on Friday.
“As we enter the homestretch of 2019, we are even more motivated by these positive developments, and continue to be inspired by our achievements and recognitions,” he added.
PSBank’s core revenues expanded 9.3 percent, boosted by growth in interest income and fee-based income. As a result, return on assets also rose 1.2 percent.
Loans and receivables rose 6.4 percent to P162.1 billion from P152.4 billion, driven by auto and mortgage loan offerings. Non-performing loans ratio remained low at 2.7 percent despite loan portfolio growth.
Total capital adequacy ratio stood at 17.4 percent while common equity tier 1 ratio was at 16.6 percent as of end-September, both above the minimum required level set by the Bangko Sentral ng Pilipinas.
PSBank’s low-cost deposits climbed 6.7 percent to P56.9 billion from the nine-month period last year, while total deposits dropped 8.4 percent to P181.1 billion as the lender re-balances its funding mix to focus on retail and alternative sources, it said.
PSBank currently has 250 branches and 559 automated teller machines in the country.