PS Bank declares dividend

MANILA, Philippines - Philippine Savings Bank (PSBank), the thrift bank of the Metrobank Group, has declared a 75-centavo cash dividend per share worth a total P180 million.

In a disclosure to the Philippine Stock Exchange, PSBank senior vice president and finance officer Perfecto Ramon Dimayuga Jr. said they have secured Bangko Sentral ng Pilipinas (BSP) approval for the regular cash dividend for the second quarter of 2012, payable to all common stockholders.

The bank’s board has set Sept. 11, 2012 as the record date to determine the common stockholders entitled to the regular cash dividends.

Dimayuga said dividend checks, which will reflect the total amount, shall be available on Sept. 26, 2016 (payment date).

PSBank earlier reported a 50 percent jump in its net income for the first half of 2012 to P1.38 billion from P459 million in the same period in 2011.

The bank said the substantial improvement in its net earnings was brought about by gains realized from its investments as well as strong growth from its loan portfolio.

For the period under review, PSBank’s gross loans rose 14 percent to P67 billion, with double-digit growth rates coming from its consumer loans as well as its Large Enterprise Group (LEG) loans.

The bank’s auto and mortgage loans grew 15 percent and 14 percent, respectively, due to higher demand and improved penetration in its branch, dealer and developer channels.

PSBank said its corporate loans, under LEG, likewise went up 28 percent.

Deposits grew by P7 billion from the previous year as it opened 11 additional branches in the first six months of the year ,thus increasing its branch network to 211.

PSBank further expanded its ATM network and now has 520 onsite and offsite ATMs all over the country.

The bank’s capital also went up 15 percent to P14.3 billion.

Capital adequacy ratio is higher at 17.96 percent while its Tier 1 capital ratio is at 14.15 percent - above BSP’s proposed Basel 3 limits of 12.5 percent and 8.5 percent, respectively.