PSBank reports PhP1.88 billion net income as of 3Q 2017

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Philippine Savings Bank (PSBank), the thrift-bank arm of the Metrobank Group, saw its net income inch up by 1 percent to PhP1.88 billion as of end-September from P1.87 billion in the same period last year.

This growth was propelled by a 17% year-on-year core income growth.

The Bank’s earnings translated to a return-on-equity of 11.94% and return-on-assets of 1.20%.

PSBank’s financial results were supported by a steady demand for consumer loans in the nine months ending September.

The Bank’s gross loan portfolio expanded by 14% to P142.33 billion, mainly driven by consumer loans, which climbed by 15%. As PSBank saw its lending portfolio grow, its non-performing loans (NPL) ratio remained in check at 1.14%.

Total deposits increased by 28% to P184.40 billion, with CASA rising by 19%. PSBank continues to capture the retail market segment while enhancing its products, channels, and processes to keep up with its clients’ mobile and on-the-go lifestyle.

PSBank’s capital position improved by 6% to P21.91 billion. This translated to a common equity Tier 1 (CET 1) ratio of 11.36% and total capital adequacy ratio (CAR) of 14.19%, well-above the Bangko Sentral’s minimum requirement.

PSBank currently has 250 branches and 610 ATMs.

Recently, PSBank received an issuer rating from the Philippine Rating Service Corporation (PhilRatings) of PRS Aaa (corp.) — the highest corporate credit rating assigned on the PRS scale.

A company rated PRS Aaa (corp.) is seen to have a very strong capacity to meet its financial commitments relative to that of other Philippine corporates.