Philippine Savings Bank Registers Net Income of P1.20 Billion, 23% up in Q12024

The thrift banking arm of the Metrobank Group, Philippine Savings Bank (PSBank), reported P1.20 billion in net income for the first quarter of 2024, a 23% increase over P976.88 million for the same period the previous year. Operating expenses increased by 5% to P2.30 billion, while core revenues, which include net interest income and net service fees and commissions, increased by 2% year over year to P3.49 billion.

As of March 31, 2024, the bank's entire gross loan portfolio had grown by 10% annually to P128 billion. This was caused by the strong demand for automobiles, which raised the number of auto loans by 20%. Provisions were reduced this quarter as a result of the gross non-performing loans (NPL) ratio staying under control at 3.4%. While total capital and deposits were reported at P41 billion and P185 billion, respectively, total assets came to P234 billion. In the meantime, the common equity tier 1 ratio was at 23.5% and the overall capital adequacy ratio was at 24.6%. Both ratios are among the highest in the business and significantly higher than the statutory minimum established by the Bangko Sentral ng Pilipinas.

"Despite prevailing economic challenges, we continue to see steady growth in our core business following our record-breaking performance in 2023. PSBank remains dedicated to offering simple and effortless banking solutions to meet the rapidly evolving needs of consumers," President Jose Vicente L. Alde said.
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The International Association of Business Communicators (IABC) Philippines presented PSBank with Quill Awards in January 2024 in recognition of the bank's exceptional use of corporate communications through its annual report and web films. Furthermore, the bank received Silver Anvils from the Public Relations Society of the Philippines for its multimedia and PR materials.