Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, said Monday it booked a P4-billion net income in nine months ending Sept. 30, 2024.
This represented a 19-percent increase over the same period last year, PSBank said in a disclosure to the stock exchange.
It attributed the bank’s solid performance to higher operating income and improved asset quality.
“We remain well-positioned to serve the growing needs of our customers as we approach the final stretch of 2024. PSBank is gearing up for a more favorable interest rate environment which is seen to further boost consumer loan demand,” said PSBank president Jose Vicente Alde.
Core revenues, which include net interest income, service fees and commissions, rose 4 percent to P10.52 billion in the nine-month period.
Operating expenses inched up by 4 percent to P6.91 billion from January to September 2024.
Gross loans grew 12 percent year-on-year to P138 billion, thanks to growth in auto, mortgage and business loans.
The bank’s asset quality improved, with the gross non-performing loans ratio dropping to 2.8 percent from 3.4 percent a year ago.
PSBank’s total assets reached P219 billion, while total deposits amounted to P167 billion as of end-September 2024.
Capital funds increased to P43 billion, with a total capital adequacy ratio of 24.2 percent and a common equity tier 1 ratio of 23 percent.
Both ratios are above the regulatory minimum set by the Bangko Sentral ng Pilipinas and are among the highest in the industry.
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