The Philippine Savings Bank (PSBank), the thrift banking subsidiary of the Metrobank Group, on Monday announced a net income of P4 billion for the nine months ending 30 September 2024, marking a 19 percent increase from the same period last year. The performance is attributed to higher operating income and improved asset quality.
Core revenue, which encompasses net interest income, service fees, and commissions, grew by 4 percent to reach P10.52 billion. Meanwhile, operating expenses were effectively controlled, rising only 4 percent to P6.91 billion.
The bank’s total gross loans rose by 12 percent to P138 billion, driven by significant growth in auto, mortgage, and business loans. Asset quality also showed improvement, with the gross non-performing loans ratio declining to 2.8 percent, down from 3.4 percent a year earlier.
As of the end of the third quarter, PSBank’s total assets stood at P219 billion, with total deposits amounting to P167 billion. Capital funds increased to P43 billion, resulting in a total capital adequacy ratio of 24.2 percent and a common equity tier 1 ratio of 23 percent, both exceeding the regulatory minimum set by the Bangko Sentral ng Pilipinas and ranking among the highest in the industry.
“We remain well-positioned to serve the growing needs of our customers as we approach the final stretch of 2024. PSBank is gearing up for a more favorable interest rate environment, which is expected to further boost consumer loan demand,” said PSBank president Jose Vicente Alde.
In September 2024, PSBank was recognized by the Institute of Corporate Directors (ICD) through the ASEAN Corporate Governance Scorecard (ACGS) with the Double Golden Arrow award, honoring its commitment to corporate governance. Additionally, the bank was awarded the “2024 Balikat ng Bayan Best Disbursement Partner – Thrift Bank Category” by the Social Security System (SSS).
