PSBank posts P4 billion 9-month profit

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, reported a P4 billion net income for the first nine months of 2024, a 19% increase year-over-year.

The bank attributed its strong performance to higher operating income and improved asset quality.

"We are well-positioned to serve our customers' growing needs and capitalize on a more favorable interest rate environment, which is expected to boost consumer loan demand," said PSBank President Jose Vicente Alde.

Core revenues, including net interest income, service fees, and commissions, increased 4% to P10.52 billion. Operating expenses rose 4% to P6.91 billion.

Gross loans grew 12% to P138 billion, driven by growth in auto, mortgage, and business loans. Asset quality improved, with the gross non-performing loans ratio declining to 2.8% from 3.4% a year ago.

As of September 30, 2024, PSBank's total assets reached P219 billion, total deposits amounted to P167 billion, and capital funds increased to P43 billion. The bank's total capital adequacy ratio and common equity tier 1 ratio stood at 24.2% and 23%, respectively, exceeding regulatory minimums and ranking among the industry's highest.