The Philippine Savings Bank, the thrift banking arm of the Metropolitan Bank and Trust Co. (Metrobank), on Monday reported a record-high net income of P4.53 billion in 2023, up 23 percent from prior year’s P3.68 billion.
This translates to a return on equity of 11.7 percent that the bank credited to double-digit growth in loans, higher investment revenue and muted costs resulting from operational efficiencies.
Net interest income improved to P11.83 billion, increasing by 7 percent year-on-year while operating expenses declined by 1 percent due to continued cost optimization.
“We want to leverage on this momentum to expand our coverage, provide diversified offerings and further invest in technology to level up customer experience in the succeeding years,” PS Bank’ president Jose Vicente L. Alde said.
PSBank’s gross loan portfolio expanded 12 percent to P125 billion from prior year’s P112 billion.
Auto loans grew 24 percent, driven by higher demand on vehicles. Despite the increase in the bank’s loan portfolio, its gross non-performing loans ratio fell year-on-year to 3.3 percent from 3.5 percent, indicating better credit quality.
As of end 2023, assets total P238 billion with deposits reaching P190 billion. Bank capital stood at P40 billion. Total capital adequacy ratio and common equity tier 1 ratio at 24.5 percent and 23.6 percent, respectively. The capital ratios are above the minimum levels set by the Bangko Sentral ng Pilipinas and among the highest in the industry.
