Philippine Savings Bank (PSBank) reported higher net income in the the first half of the year on the back of strong net interest income and service fees.
In a disclosure to the local bourse on Thursday, Aug. 9, the consumer lending arm of Metropolitan Bank & Trust Co. (Metrobank) saw its net profit climb to P1.35 billion in the January-June period, up 14.7% from P1.18 billion in the same period last year.
PSBank attributed this to its “robust revenues driven by net interest income and service fees.”
The bank’s net interest income grew 8.8% to P5.85 billion from last year’s P5.38 billion.
Total loan portfolio expanded by 10.7% to P151.62 billion from the P137.01 billion tallied year-on-year.
Deposits likewise stood at P200.09 billion, 9% higher from a year-ago period.
PSBank’s earnings translated to a return on equity of 11.83%.
Common equity tier 1 ratio stood at 11%, which capital adequacy ration was at 13.7%, above the minimum central bank requirement levels.
Overall, the bank’s total assets stood at P234.76 billion, up 7.4% from the same period last year.
In the statement, PSBank President Jose Vicente L. Alde said the lender’s first half performance is a realization of its institutional strategy by providing end-to-end customer experience.
“We have likewise tapped on the latest available digital technology to improve on process efficiencies to bring the cost of operations down while maximizing the full potential of our sales distribution channels in generating more business for the bank,” Mr. Alde was quoted as saying in the regulatory filing. — Karl Angelo N. Vidal