PSBank earns P1.2 billion in Q1 on strong loan growth

MANILA, Philippines — Philippine Savings Bank (PSBank) reported a net income of P1.21 billion in the first quarter as the bank benefited from robust lending activities and tighter cost controls.

In a regulatory filing, the thrift banking subsidiary of the Metrobank Group said its net income was up by one percent from the same period last year, reflecting the bank’s strategy to focus on core lending segments and operational efficiency amid a stable economic environment.

PSBank’s core revenues, which includes net interest income, service fees and commissions, rose by nine percent to P3.81 billion in the first quarter from P3.49 billion a year ago.

Operating expenses, on the other hand, slipped by three percent as the bank continued to improve productivity and streamline operations.

As of end-March, gross loans reached P152 billion, a 19 percent jump year-on-year, driven by the continued expansion in auto, mortgage as well as small and medium enterprise (SME) lending.

“Consumer loan demand has remained high and as long as economic conditions continue to be stable, we are optimistic to capitalize on this trend in the coming months,” PSBank president Jose Vicente Alde said in a statement.

The bank also reported improved asset quality, with its gross non-performing loan ratio dropping to 2.6 percent from 3.4 percent in the first quarter of 2024.

Total assets stood at P222 billion, while its deposit base stood to P170 billion. PSBank’s capital base was recorded at P45 billion.

The lender’s capital adequacy ratio reached 23.5 percent while its common equity tier 1 ratio hit 22.4 percent in the first quarter, both well above the thresholds set by the Bangko Sentral ng Pilipinas.