PSBank net income down 41% to P1.9 B

MANILA, Philippines - Philippine Savings Bank (PSBank) reported a P1.9-billion net income in the first nine months of 2014, down 41 percent from P3.2 billion in the same period last year.

In a statement, the bank said net interest income, however, increased 18 percent to P5.7 billion from P4.9 billion the same period last year.

The bank continues to strengthen its foothold in the consumer loans market as it grew its loan portfolio 14 percent year-on-year. The combined increase from auto and mortgage loans went up 20 percent.

Even as it aggressively expands its loan portfolio, the thrift bank of the Metrobank Group continues to be prudent in lending, with net non-performing loan (NPL) ratio at 0.2 percent and NPL coverage at 110 percent.

Capital adequacy ratio (CAR) remains formidable at 20.1 percent against 18.4 percent the same period last year.

Total deposits increased 22 percent to P122.7 billion versus P100.2 billion the previous year while total assets increased 21 percent to P151.2 billion as of September 2014.

Meanwhile, PSBank said it has been consistently positioning customer service as the centerpiece of its business generation initiatives.

PSBank president Vicente R. Cuna Jr. said the bank provides multi-channel banking experience with convenience in mind.

The second leading thrift bank in terms of resources launched its mobile banking facility last June to cater to customers. Last month, PSBank Live Chat, the first real-time chat service in the local banking industry available 24/7, was launched.

“Our customers can now interact with PSBank customer service assistants regarding inquiries on their loans, deposits, trust and other bank products,” Cuna added.