Philippine Savings Bank (PSBank), the thrift-banking arm of the Metrobank Group, registered a net income of P1.33 billion for the first 9 months of 2020. Gross revenues improved to P13.3 billion, higher by 23.9 percent year-on-year, with net interest income increasing by 27.6 percent to P10.4 billion.
Other operating income, inclusive of net service fees and commission income, was up 11.9 percent to P2.8 billion versus the same period last year on the back of higher trading and securities gains.
“PSBank continues to take a conservative stance on credit provisioning amid the present business landscape while leveraging on operating efficiencies and focusing on our digital transformation roadmap. We are proud to be rated PRS Aaa (corp.) by PhilRatings which signifies a strong and continuous confidence in our institution even during this challenging times.” PSBank President Jose Vicente Alde said.
As of September 2020, total assets closed at P214.7 billion. Net non-performing loans ratio was at 4.0 percent with total loans and receivables at P150.4 billion.
To cushion the potential impact of the pandemic, PSBank boosted its loan provisioning to P5.3 billion which is 3x higher versus the same period last year.