Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, has achieved record high net income of P5.21 billion for 2024, marking a 15 percent increase from the previous year’s P4.53 billion. This performance reflects a significant leap in return on equity to 12.4 percent, up from 11.7 percent in 2023.
This growth is attributed to strong demand across both consumer and commercial lending segments, which drove a 15 percent year-on-year increase in gross loans, reaching P144 billion by December 2024. The bank also made notable strides in improving asset quality, maintaining its gross non-performing loans ratio at a healthy 2.6 percent, down from 3.3 percent in 2023.
Core revenue, driven by net interest income, service fees, and commissions, grew by 4 percent to P14.11 billion. Despite a 4 percent increase in operating expenses, PSBank managed to keep costs under control while implementing its cost optimization strategies. This contributed to its overall strong financial performance for the year.
PSBank’s total assets rose to P216 billion, with deposits reaching P165 billion. The bank also posted a 10 percent increase in capital funds, bringing them to P44 billion, and maintained capital adequacy ratios well above regulatory requirements, with a total capital adequacy ratio of 23.6 percent and a common equity tier 1 ratio of 22.5 percent.
“We are pleased to deliver a record-high performance, reflecting our dedication to sustainable growth and quality service,” said PSBank president Jose Vicente Alde. “Looking forward, we aim to meet the evolving needs of our customers while continuing to build on our success.”
Beyond its financial milestones, PSBank was recognized for its corporate excellence in 2024. The bank earned multiple accolades, including the Quill Awards for corporate communications, the Silver Anvil Awards for public relations excellence, and the Double Golden Arrow Recognition for outstanding corporate governance from the Institute of Corporate Directors. It was also named the SSS Kabalikat ng Bayan Best Disbursement Partner in the Thrift Bank Category and listed among the Philippines’ Best Employers for 2025 by the Philippine Daily Inquirer and Statista.
PSBank also enhanced its customer experience with the launch of an upgraded mobile banking app in 2024, offering a more intuitive and personalized banking interface for its users.
