PSBank logs P2.85 net income in 9M

PHILIPPINE Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, registered a net income of P2.85 billion for the first nine months of 2022, more than double growth of 126 percent year-on-year versus P1.26 billion in the same period last year.

The solid income performance is a result of improvements in loan portfolio quality, increases in non-core revenue streams, gains from operational efficiencies, and improved loan volumes.

Net interest income reached P8.21 billion while revenues from net service fees, commissions and asset recoveries rose by 52 percent to P3.11 billion. Operating expenses remained in check growing only by one percent year-on-year.

The bank continues to implement productivity and operational efficiency improvements to manage costs even as investments are continuous to support digital initiatives. (PR)