PSBank’s net income up 20% in third quarter of 2019

THE Philippine Savings Bank (PSBank), the thrift-bank arm of the Metrobank Group, continued to make strides, as it registered P813 million in net income for the third quarter of 2019 alone, a 20.1 percent increase versus the same period in 2018.

This translated to a year-to-date net income of P2.2 billion, up by 8.4 percent in the first nine months of 2019 versus 2018.

The bank’s strong financial results were supported by a 9.3 percent growth in its core revenues, composed of interest income and fee-based income. Its earnings translated to an annualized return-on-assets of 1.2 percent.

PSBank’s loans and receivables rose by 6.4 percent year-on-year to P162.1 billion, from P152.4 billion fueled by its Auto and Mortgage loan offerings. Notwithstanding the growth of its loan portfolio, the bank was able to consistently manage asset quality with non-performing loans ratio kept low at 2.7 percent.

Its Total Capital Adequacy Ratio was at 17.4 percent, while its Common Equity Tier 1 Ratio (CET1) was at 16.6 percent. Both are above the minimum required level set by the Bangko Sentral ng Pilipinas (BSP).

On the funding side, low-cost deposits increased by 6.7 percent year-on-year to P56.9 billion from P53.3 billion, while total deposits went down by 8.4 percent at P181.1 billion from P197.7 billion the same period of 2018 as the bank continues to re-balance its funding mix to focus on retail and alternative sources.

“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. 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,” PSBank President Jose Vicente L. Alde said.

Recently, PSBank bagged the highest awards at the 2019 CX Asia Excellence Awards in Singapore-Gold Award for “Best Customer Experience” and “Best Digital Experience.”

The bank also received an “Award of Merit” at the 17th Philippine Quill Awards for its “Be Aware!” and “Good to Know” campaigns, which are in support of the BSP’s financial consumer protection initiatives.

PSBank also released the newest version of its PSBank Mobile App. Aside from having a fresh look, the upgraded app is packed with new functionalities and services including PSBank PaSend remittance service and Mobile Check Deposit.

The bank currently has 250 branches and 559 ATMs nationwide. (PR)