Philippine Savings Bank, the thrift banking arm of the Metrobank Group, said it sustained in the first quarter the strong earnings momentum it saw in 2023, with net income in the January-March period rising 23 percent to P1.2 billion on steady expansion of its loan portfolio.
Core revenue, comprising of net interest income and net services fees and commissions, rose by 2 percent year-on-year to P3.49 billion, while operating expenses rose by 5 percent to P2.30 billion.
Gross loans increased 10 percent to end March at P128 billion, driven by a 20 percent growth in auto loans.
“Despite the prevailing economic challenges,” PSBank president Jose Vicente Alde said, “we continue to see steady growth in our core business following our record-breaking performance in 2023. PSBank remains dedicated to offering simple and effortless banking solutions to meet the rapidly evolving needs of our customer,” he added.
PSBank ended the first quarter with P234 billion in assets and P185 billion in total deposits. Capital was at P41 billion at the end of March.
