PSBank profit up 30% to P807.6 million in first semester

MANILA, Philippines - Philippine Savings Bank (PSBank) recorded a net income of P807.6 million in the first semester of 2010, nearly 30 percent higher than the P623 million earnings in the same period last year.

PSBank president Pascual M. Garcia III said he is confident the thrift bank of the Metro-bank Group will meet its full-year income target of P1.4 billion. The country’s second largest thrift bank recorded a record net income of P1.24 billion last year.

Exceptional profits from lending and trading grew 21 percent to P3.7 billion, with income from loans alone hitting P2.8 billion. As a thrift bank, its loan portfolio is basically focused on auto, mortgage and SME business.

Auto loans posted the highest growth of 21 percent, which is consistent with the auto industry sales trend and improved consumer confidence.

Mortgage loans, its second biggest portfolio, likewise grew 10 percent, while personal loans moved up six percent.

“PSBank has the only loan rebate program in the market. This feature gives rebates to customers who make advance or excess loan payments,” Garcia added.

Total assets increased seven percent to P89.9 billion as its total loan portfolio expanded 15 percent to P52.2 billion.

Deposits likewise expanded nine percent to P74.6 billion, attributed directly to its various deposit generation campaigns and expanded branch and ATM network.

PSBank operates a branch network of 175 with 340 ATMs nationwide. It opened a total of five branches and added 28 new offsite ATMs in the first half of 2010.

The thrift bank declared special dividends worth a total value of P660.7 million or P2.75 per share last February. These dividends are on top of the regular quarterly dividends of 1.5 percent or P0.15 per share that PSBank gives to its shareholders.