Philippine Saving Bank (PSBank), the consumer and retail banking arm of the Metrobank Group, was assigned an Issuer Credit Rating of PRS Aaa (corp.), with a Stable Outlook, by local credit rating agency Philippine Rating Services Corporation (PhilRatings).
The rating reflects PSBank’s strong market position, highly-experienced management team, and sound capitalization and aggressive provisioning, which, among others, are seen to temper the pandemic’s impact on its loan portfolio.
As the highest Issuer Credit Rating, a PRS Aaa (corp.) evaluation signifies that a company has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. On the other hand, a Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.
“We are honored to be recognized once again with PhilRating’s highest credit rating. Not only is it a testament to our creditworthiness and stability as a bank, but is also a welcome sign that we are managing the business well, and maintaining our resilience to weather the challenges for our people and customers,” says PSBank President Jose Vicente Alde.
Based on data from the Bangko Sentral ng Pilipinas, PSBank ranked first among thrift banks based on capital of P33.6 billion. It was also the country’s second largest thrift bank in terms of assets (P239.3 billion), deposits (P183.7 billion), and loans and receivables, net (P161.8 billion), as of end-March 2020.
Furthermore, PSBank has a solid franchise in the consumer loans market and is a strong player in the auto loans segment. It holds an 18 percent share of the thrift bank sector’s portfolio for 2019, an improvement from its 16.9 percent market share in 2018.