PSBank nets P1.5 billion in 9 months

MANILA, Philippines – The Philippine Savings Bank (PSBank) has surpassed its full-year income target in the first nine months of the year.

From January to September, PSBank posted a record net profit of P1.5 billion, or P100 million more than the full-year target of P1.4 billion and 71 percent higher than the P638 million realized in the same period last year.

In the third quarter alone, the bank earned P724 million or 168 percent higher than the same quarter last year as net renevue surged by over 60 perent to P2.5 billion.

PSBank president Pascual M. Garcia III attributed this to steady swelling of its loan portfolio, low interest rate environment and exceptional earnings from investments.

“Our loan portfolio was aided in opportunities in investments,” Garcia added.

Net revenue grew by 34 percent to P6.2 billion from a ballooning loan portfolio and income generated from trading investment.

Income from loans rose to P4.4 billion on account of improved earnings across its products. Year-on-year portfolio of auto loans grew by 24 percent, mortgage loans by 11 percent, and personal loans by eight percent.

“Demand for loans has been notably increasing for the industry due to high consumer confidence,” the PSBank chief executive said in a report.

Additional gains were drawn from a 22-percent increase in service charges and commissions, and a 279-percent growth in trading gains.

Total assets reached P103.7 billion as of September, compared to P86.9 billion at the start of the year.

PSBank, a thrift bank unit of the Metrobank Group of Companies operates 175 branches but an automated teller machine (ATM) network of 353.

Deposit growth is expected to further improve the recent launch of the PSBank Prepaid MasterCard, which is an ATM card, debit and remittance card.

Garcia said the bank will continue to expand its ATM network which has visible presence in all MRT stations.