Philippine Savings Bank, the thrift banking unit of the Metrobank Group, said Monday net income in the nine months through September rose 18 percent year-on-year, pushed higher by the steady expansion of its core businesses, particularly car loans.
PSBank posted net income of P3.37 billion in the January-September period, resulting in a return-on-equity of 11.7 percent. Improvement in expense management also helped lift net income.
The bank said its net interest income increased to P8.82 billion while revenue from net service fees and commissions rose to P1.33 billion. Operating expenses were reduced by 1 percent on steadfast productivity and operational efficiency initiatives.
PSBank said its total loan portfolio was higher by 12 percent year-on-year to P123 billion, with auto loans up 24 percent on strong vehicle sales. Gross non-performing loans ratio stood at 3.4 percent, better than pre-pandemic levels.
At the end of September, total assets amounted to P236 billion while total deposits reached P188 billion.
“Despite the unpredictable headwinds, we remain focused on sustaining our strong results while we continue to innovate on products, services and processes consistent with our commitment to deliver effortless banking to our customers,” said PSBank president Jose Vicente Aide in a statement.
