The Philippine Savings Bank, the thrift banking arm of the Metrobank Group, more than doubled its 2022 net income to P3.68 billion from only P1.54 billion the previous year.
It attributed the performance to higher loan demand, better asset quality, increase in non-interest revenues and prudent expense management.
Total revenues hit P15.02 billion and include fees, commissions and other income amounting to P3.97 billion, higher by 34 percent year-on-year.
“Aside from a recovering economy which resulted in rising consumer loan demand, our financial performance last year clearly is a reflection of our strategic resolve to consistently be customer-focused, and enable the power of technology to increase productivity and efficiency,” bank president Jose Vicente L. Alde said.
According to the lender, sustained efforts in productivity, process efficiency and automation kept its operating expense under control, increasing by 2 percent from the previous year but flat compared to the pre-pandemic level in 2019.
It reported a 57 percent drop in credit provisions versus 2021 due to improved asset quality and efficient collection and recovery efforts.
Gross non-performing loans ratio fell to 3.5 percent in 2022 from 6.1 percent the previous year.
Total assets hit P264.42 billion with deposits at P213.77 billion.
Total capital was higher by 6 percent to P37.14 billion, its total capital adequacy ratio and tier 1 capital ratio improving to 24.8 percent and 24 percent, respectively, that exceed the regulatory norm set by Bangko Sentral ng Pilipinas.
