MANILA, Philippines - The profit of Philippine Savings Bank (PSBank) climbed 4.4 percent last year, fueled by the increase in the thrift bank’s core income.
PSBank president Vicente Cuna Jr. said 2016 was a good year for the bank as its net income amounted to P2.45 billion, P100 million higher than the P2.35 billion booked in 2015.
“Aside from strengthening our core business, the bank was also conferred with several new and back-to-back recognitions from local and international award-giving bodies, acknowledging our ability to come up with innovative product offerings and provide exceptional end-to-end customer experience,” he said.
The core income of the thrift bank arm of Metropolitan Bank & Trust Co. posted a double-digit growth of 11.6 percent to P10.8 billion last year from P9.68 billion in 2015.
PSBank reported its loan portfolio expanded by 11.4 percent to P129.2 billion from P116 billion due to a significant increase in auto and mortgage loans.
However, the listed thrift bank still managed to keep its non-performing loans (NPL) ratio in check at 1.1 percent with NPL coverage at 88.6 percent.
On the funding side, PSBank said deposits jumped 17.9 percent to P158.39 billion from P134.3 billion.
Assets of PSBank rose 16.3 percent to P196.9 billion while its capital adequacy ratio stood at 14.1 percent and its common equity tier 1ratio at 11.1 percent.
PSBank has a network of 255 branches and 611 ATMs strategically located nationwide.
The consolidated net income of Metrobank slipped 2.7 percent to P18.1 billion last year from P18.6 billion in 2015. In the fourth quarter alone, its earnings inched up three percent to P5.5 billion.
In 2016, Metrobank achieved all-time high levels in the bank’s 54-year history. Total resources peaked at P1.9 trillion, total deposits reached P1.4 trillion, and total loans hit P1.1 trillion.
Metrobank’s 2016 performance was driven by sustained low cost funds generation, which in turn supported the rapid expansion of commercial loans.