PSBank gears for banner year

MANILA, Philippines - Philippine Savings Bank (PSBank) is set to post another banner year as it has surpassed its 2009 profit performance in just nine months this year.

“This should be a record breaking year, but there is still a very promising year ahead,” said bank president Pascual M. Garcia III.

In 2009, the thrift bank of the Metrobank Group of Companies, earned a record P1.24 billion, 32 percent higher than the P940-million income in 2008.

Garcia said loan demand remained strong, with the low interest rates favoring the consumer market.

“The economy is positive to robust, capital income is improving, and domestic demand is strong,” he added.

 PSBank’s new auto loan releases accelerated by 35 percent as of October against the same period last year while mortgage loans grew by 25 percent.

The bank also has a significant portion of its portfolio devoted to personal loans and a small number of corporate accounts. Personal loans are estimated to have expanded by seven percent from last year.

Garcia said the bank wants to be aggressive in its small and medium enterprise (SME) lending activities.

By yearend, PSBank will have a nationwide network of 180 branches and plans to open another 15 next year, mainly focused outside Metro Manila.

These new branches include Bukidnon, Kalibo, Surigao, Zamboanga, Davao, Mactan and Lapu Lapu in Cebu.