Philippine Savings Bank (PSBank), the thrift-bank arm of the Metrobank Group, posted P1.3 billion in net income for the first semester of 2020, down by 5 percent from the same period last year.
Net income for the second quarter was at P647.6 million, up 0.2 percent from the previous quarter.
“We uphold our efforts in increasing our customers’ sense of protection whether they are in our branches or at their homes. We’ve sustained and strengthened safety protocols in our premises and launched additional secured digital services for online and mobile transactions. PSBank is likewise taking the conservative stance of building up its loan provisions in anticipation of potential risks due to the pandemic,” Jose Vicente Alde, PSBank president, said.
Excluding provisions for impairment and credit losses, growth in operating expenses was muted at 6.2 percent year-on-year as the bank continuously devoted resources to improve efficiency and productivity. Credit provisioning was accelerated at more than double to P2.8 billion in the first semester versus same period last year to cover for assessed future impact of the COVID-19 crisis.
PSBank said core business was strong with net interest income growing by 37.2 percent to P7.2 billion, up P2 billion versus same period last year. Total loans and receivables increased by 0.2 percent to P161.1 billion from P160.8 billion. Total resources grew by 0.7 percent to P233.2 billion from P231.5 billion. Total deposit level was almost flat at P178.1 billion.
