Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, reported a P1.84 billion Net Income for the first half of 2022, a year-on-year growth of 109 percent versus P0.88 billion during the same period last year.
The rise in profit was propelled by continuous improvement in loan portfolio quality, expansion of revenues from other operating income, and controlled operating expense.
Net interest income reached P5.45 billion while net service fees and commissions grew by 13 percent. A strong revenue growth of 101 percent in other non-interest income lines was likewise achieved. These were driven by increased business activities from the opening-up of the economy, and further relaxation of mobility restrictions. Growth in operating expenses remained under control at 3 percent year-on-year as the bank continues its productivity and operational efficiency initiatives.
Gross Non-Performing Loans contracted by almost half thus reducing credit provisions to P625 million from P2.17 billion a year ago. Net Non-Performing loans ratio was at 1.96 percent, better than pre-pandemic levels.
PSBank’s total assets stood at P268 billion as of end-June 2022. Total deposits were stable at P220 billion with low cost deposits growing by 10 percent year-on- year. Capital improved by 4 percent to P36.06 billion.
Total Capital Adequacy Ratio and Common Equity Tier 1 Ratio remained strong at 24.6 percent and 23.5 percent, respectively; both of which are way above the regulatory requirement of the Bangko Sentral ng Pilipinas (BSP).
