PHILIPPINE Savings Bank saw its (PSBank) net income climb by 23% in the first quarter amid higher core revenues and continued asset expansion, it said on Monday.
The thrift banking arm of Metropolitan Bank & Trust Co. registered a net income of P1.2 billion at end-March, up from P976.88 million in the same period last year, PSBank said in a disclosure to the stock exchange.
Its financial statement was unavailable as of press time.
“Despite prevailing economic challenges, we continue to see steady growth in our core business following our record-breaking performance in 2022. PSBank remains dedicated to offering simple and effortless banking solutions to meet the rapidly evolving needs of consumers,” PSBank President Jose Vicente L. Alde said.
The bank recorded a net profit of P4.53 billion in 2023, up by 23.18% year on year.
PSBank’s core revenues, which include net interest income and net services fees and commissions, rose by 2% to P3.49 billion in the first quarter.
Meanwhile, operating expenses rose by 5% to P2.3 billion.
The bank’s gross loans grew by 10% year on year to P128 billion in the first quarter, mainly driven by a 20% increase in auto loans amid strong demand for motor vehicles, it said.
Despite higher loans, PSBank set aside less provisions during the quarter as its gross nonperforming loan ratio “remained in check” at 3.4%.
On the funding side, total deposits with the bank were at P185 billion in the first quarter.
PSBank’s total assets stood at P234 billion at end-March.
Total capital was recorded at P41 billion.
The bank’s total capital adequacy ratio stood at 24.6% in the first quarter, while its common equity Tier 1 ratio was at 23.5%, both well above regulatory requirements and “among the highest in the industry,” it said.
PSBank’s shares rose by 10 centavos or 0.18% to end at P54.50 each on Monday. — A.M.C. Sy
