PHILIPPINE Savings Bank (PSBank), the consumer banking arm of the Metrobank Group, recorded a net income of P646.2 million for the first quarter of 2020. Net interest income grew 21.8 percent to P3.2 billion versus the same period last year while net service fees reached P458.1 million.
Net income for the first quarter of 2020 is lower by 5.1 percent on increased credit provisioning.
Total loan portfolio as of the first quarter of this year grew by 3.6 percent to P165 billion coming from the strong demand in the first two months of this year prior to the enhanced community quarantine (ECQ) period.
This contributed to total assets growth of 1.8 percent year-on-year to P240.3 billion.
Low-cost deposits improved by 10.2 percent reaching P60.6 billion. Gross non-performing loans is stable at 3.7 percent.
PSBank’s balance sheet remains strong with capital of P34.8 billion.
The bank’s total capital adequacy ratio of 17.2 percent is well above the regulatory minimum of 10 percent.
