LISTED Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, saw a 19-percent increase in net income to P4 billion in the first nine months of 2024 from last year’s P3.37 billion, driven by strong operating profits and improved asset quality.
“The bank’s solid financial performance was driven by higher operating income and better asset quality,” PSBank President Jose Vicente Alde said in a disclosure on Monday.
Core revenues, including net interest income, service fees and commissions, were said to have grown 4 percent year on year to P10.52 billion, while operating expenses rose by 4 percent as well to P6.91 billion.
“We remain well-positioned to serve the growing needs of our customers as we approach the final stretch of 2024,” Alde said.
Total assets at the end of September 2024 stood at P219 billion, down 7.2 percent from last year’s P236 billion.
Total deposits declined 11.17 percent in the nine months, to P167 billion from P188 billion a year earlier.
“PSBank is gearing up for a more favorable interest rate environment, which is seen to further boost consumer loan demand,” Alde said.
As of end-September 2024, the bank’s capital funds stood at P43 billion, up 3 percent from P40 billion last year.
Total capital adequacy ratio and common equity tier 1 ratio remained above regulatory requirements at 24.2 percent and 23 percent, respectively.
PSBank shares fell 50 centavos, or 0.82 percent, to close at P60.50 each on Monday.
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