Philippine Savings Bank (PSBank) Reported a PHP 4.53 Billion Net Income in 2023, Up 23%

PSBank, Metrobank Group's thrift banking arm, announced a record-high net income of Php 4.53 billion for fiscal year 2023, up 23% from Php 3.68 billion in 2022. This amounts to an 11.7% return on equity. The bank's strong financial performance was driven by double-digit loan growth, increased investment revenues, and lower expenses due to operational improvements.

Net interest income improved to P11.83 billion, increasing by 7% year-on-year, while operating expenses declined by 1% due to the continuous cost optimization efforts of the bank.

"This significant milestone was a result of team work and steadfast commitment of PSBankers in delivering effortless banking to our clients and stakeholders. We want to leverage on this momentum to expand our coverage, provide diversified offerings and further invest in technology to level up customer experience in the succeeding years", President Jose Vicente L. Alde said.

PSBank's gross loan portfolio increased by 12% to P 125 billion from P 112 billion last year. Auto loans increased by 24% due to increased demand for vehicles. Despite the bank's growing loan portfolio, the gross non-performing loans ratio fell year on year from 3.5% to 3.3% at the end of 2023, indicating improved credit quality.

As of December 31, 2023, total assets stood at P 238 billion, while total deposits were P 190 billion. The bank's capital was recorded at P 40 billion, with the total capital adequacy ratio and common equity tier 1 ratio at a solid 24.5% and 23.6%, respectively. The capital ratios exceed the minimal standards established by the Bangko Sentral ng Pilipinas (BSP) and are among the highest in the industry.

PSBank received many awards and distinctions in 2023. The Bangko Sentral ng Pilipinas recognized the bank as an Outstanding Stakeholder, and the Institute of Corporate Directors awarded it the Double Golden Arrow Recognition for Excellence in Corporate Governance. It received the highest credit rating from PhilRatings and was named to Forbes' list of the World's Best Banks, placing seventh among Philippine banks. The bank was also named Best Disbursement Partner in the Thrift Bank Category at the SSS Balikat ng Bayan Awards, and it received Gold and Silver Anvil Awards from the Public Relations Society of the Philippines for its use of social media and its tap campaign online videos, respectively.

These recognitions and record-breaking performance served as a testament to the Bank's dedication and continuous efforts to provide exceptional PSBanking experience to all its clients and stakeholders.