PSBank net income at all-time high

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PSBank, the thrift banking arm of the Metrobank Group, reported a record-high net income of P4.53 billion for the full year 2023, up 23 percent from P3.68 billion in 2022.

This translates to a return on equity of 11.7 percent.

The Bank’s strong financial performance came from the double-digit growth in loans, higher investment revenues and muted costs brought by operational efficiencies.

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Net interest income improved to P11.83 billion, increasing by 7 percent year-on-year while operating expenses declined by 1 percent due to continuous cost optimization efforts of the bank.

 

PSBank’s gross loan portfolio expanded by 12 percent to P125 billion from previous year’s P112 billion. Auto loans grew by 24 percent driven by higher demand on vehicles. Despite the increase in the Bank’s loan portfolio, gross non-performing loans ratio decreased year-on-year from 3.5 percent to 3.3 percent at the end of 2023, indicating better credit quality.

As of Dec.31, 2023, total assets closed at P238 billion while total deposits reached P190 billion. The bank’s capital registered at P40 billion with total capital adequacy ratio and common equity tier 1 ratio at a sturdy level of 24.5 percent and 23.6 percent, respectively. The capital ratios are above the minimum levels set by the Bangko Sentral ng Pilipinas and among the highest in the industry.

 

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