Banking & Insurance
PSBank sustains earnings growth with 23% gain in 1Q net income
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.
Growth of GSIS Insurance premiums up 12% in 1Q
The insurance premium written by the Government Service Insurance System (GSIS) in the first three months this year hit P2.98 billion. This was 12 percent more than only P2.65 billion in premiums written a year earlier. The GSIS General Insurance issued a total 52,644 total policies, with total sum insured amounting to P798.4 billion.
GCash unit takes on micro-borrowers neglected by banks
GCash lending arm Fuse Lending, Inc. has partnered with e-commerce platform Lazada Philippines to help support Filipino entrepreneurs in the form of cash loans to eligible platform sellers.
Higher interest income, lower expenses drive PNB profit in 1Q
Philippine National Bank, the country’s seventh largest bank by assets, reported Thursday a 10 percent increase in its first-quarter net income to P5.31 billion on account of higher interest income and fee-based revenue, and lower expenses and provisions for impairment, credit and other losses.
Exiting foreign fund investors last year return in 1Q with $377 million
Speculative foreign investments that exited on net basis in the first three months last year returned in the first quarter this year and helped fuel a 15 percent turnaround in net foreign inflows totaling USD377.42 million.
