Philippine Savings Bank Hit a Record P2.56 Billion in Net Income in H1-2024, Up 18%

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, grew its net income by 18% to P2.56 billion in the first half of the year from P2.17 billion reported last year resulting in an annualized return on equity of 12.5%.

The strong demand for consumer loans and improvement in credit quality contributed to the Bank’s solid financial performance. Net interest income rose by 4% year-on-year to P6.08 billion while total operating income, including service fees, commissions and other income, ended the half at P7.74 billion. Operating expenses increased by 5% to P4.62 billion.

The Bank’s total gross loan portfolio registered a 10% growth or P132 billion by the end of June 2024 versus last year's P120 billion. This was propelled by an 18% surge in auto loans as vehicle sales in the country continued its uptrend. With steady loan portfolio expansion, asset quality further improved as the gross non-performing loans ratio declined to 2.9% as of 1H2024 from 3.5% a year ago. Total assets closed at P220 billion while total deposits and capital reached P170 billion and P42 billion, respectively. The Bank's total capital adequacy ratio of 24.3% and common equity tier 1 ratio of 23.2% are above the regulatory minimum set by the Bangko Sentral ng Pilipinas and remain among the highest in the industry.
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“By prioritizing customer-centricity and a proactive sales approach in our strategy, the Bank has seen consistent growth in its core business. Apart from providing top-notch quality service to our patrons, we ensure that the products we offer can pave the way for Filipinos to achieve their financial goals and aspirations. We are hopeful that the positive performance in the first half will be sustained for the rest of the year,” PSBank President Jose Vicente Alde said.

PSBank recently released the latest version of its mobile app with a smoother and more user-friendly interface where one can set the home screen to all or a single account view, save and share transaction receipts, and see detailed loan account information. Highlighting stunning visuals of iconic Philippine destinations, the enhanced PSBank Mobile app offers clients with a customizable display of frequently used features for a more personalized banking experience.