ASEAN KEY DESTINATIONS
PSBank says net income up 8% in 2017
Philippine Savings Bank (PSBank) reported a net income of P2.7 billion in 2017, up 8.3 percent from P2.5 billion a year earlier.
The thrift banking arm of Metrobank Group noted a strong performance of core revenues composed of net interest income and fee based income were the main drivers of higher profits.
Net interest income grew by 14.6 percent, while fee based income increased by 19.9 percent.
Loan portfolio grew by 13.3 percent to P146.3 billion from P129.2 billion.
“Auto and mortgage loans continue to be the main contributors for growth in consumer lending, while an increase in SME loans reinforced growth in commercial lending,” the bank said.
“Despite the expansion of its loan portfolio, the bank managed to keep non-performing loans (NPL) in check, with a net NPL ratio at 1.2 percent as of end-2017,” it said.
Deposits increased by 19.3 percent to P188.9 billion from P158.4 billion, with low cost funds growing by 16.3 percent.
PSBank closed 2017 with P223.3 billion in total assets, up 13.4 percent. Total equity reached P22.4 billion, up 11.8 percent.
The bank’s tier 1 ratio stood at stood at 11.1 percent, and capital adequacy ratio 13.9 percent. Both are above the minimum requirement set by Bangko Sentral ng Pilipinas. Return on equity is at 12.5 percent. Earnings per share increased to P11.05 from P10.20.
PSBank said it continues to be a leader in banking innovations with the launch of its Cardless Withdrawal and a redesigned mobile application packed with new functionalities such as PayMe—“a first of its kind in the banking industry.”
Cardless Withdrawal allows clients to withdraw cash from any PSBank ATM without using their ATM card. “It is also equipped with a multi-factor authentication process, assuring clients of their accounts’ security,” according to the bank.
On the other hand, PayMe allows clients to request and collect funds from other PSBank mobile app users real-time.
“We are pleased to see that the results of our efforts in digitization and customer service are becoming evident with the year in and year out strong performance of our core business, making our growth stable and sustainable” PSBank president Vicente R. Cuna. Jr. said.
Currently, PSBank has a combined distribution network of 250 branches and over 600 onsite and offsite ATMs nationwide.
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