MANILA, Philippines – Philippine Savings Bank (PSBank) reported a 12-percent increase in net income to P434.8 million in the three months to March, up from P387.1 million in the same period last year.
PSBank president Vicente R. Cuna Jr. said the thrift bank of the Metrobank Group grew its core retail businesses as it introduced new products through targeted cross-selling campaigns throughout the year.
“The bank also remained steadfast in providing excellent customer experience to our clients because we believe that banking entails more than just lending and deposit-taking. We know that understanding our clients well has a long-term positive effect to the bank,” he added.
Total loan portfolio posted a double-digit growth in the first quarter, mainly driven by auto and mortgage loans.
Total loans amounted to P118 billion, 14 percent higher than the P103.6 billion recorded a year ago.
On the funding side, PSBank’s deposit base rose 24 percent to P136.6 billion from P110.6 billion a year ago, with low cost funds increasing 21 percent.
Meanwhile, core revenues, composed of net interest margin and fee income, went up 11 percent year-on-year.
Despite the recorded expansion in loans, its non-performing loans (NPL) remained in check, with NPL ratio at 1.1 percent.
Capital adequacy ratio stood at 15 percent, above the Bangko Sentral ng Pilipinas’ 10-percent minimum requirement.
As of end-March, total assets grew 25 percent to P175.1 billion from P139.7 billion.
The bank has 255 branches and 625 ATMs nationwide.
PSBank recently launched the PSBank Online Auto Loan Application which can be accessed via the PSBank website (www.psbank.com.ph). This new customer touch-point features a user-friendly interface that allows clients to conveniently apply for a car loan anytime and anywhere using a PC or mobile device, completely eliminating the need for time-consuming paperwork. Clients who will apply for an auto loan online will get a credit decision within 24 hours from the time of application via SMS.
PSBank is a key player in the Philippine consumer banking industry. The thrift bank emerged as the country’s eight strongest bank by balance sheet in the Asian Banker’s AB500 annual ranking 2015-2016 Edition, the only savings bank to make it to the top 10.