Manila, Philippines, February 26, 2024 – PSBank, the thrift banking arm of the Metrobank Group, reported a record-high net income of Php 4.53 billion for the full year 2023, up 23% from Php 3.68 billion in 2022. This translates to a return on equity of 11.7%. The Bank’s strong financial performance came from the double-digit growth in loans, higher investment revenues and muted costs brought by operational efficiencies. Net interest income improved to Php 11.83 billion, increasing by 7% year-on-year while operating expenses declined by 1% due to 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 expanded by 12% to Php 125 billion from previous year’s Php112 billion. Auto loans grew by 24% driven by higher demand on vehicles. Despite the increase in the Bank’s loan portfolio, gross non-performing loans ratio decreased year-on-year from 3.5% to 3.3% at the end of 2023, indicating better credit quality.
As of December 31, 2023, total assets closed at Php 238 billion while total deposits reached Php 190 billion. The Bank’s capital registered at Php 40 billion with total capital adequacy ratio and common equity tier 1 ratio at a sturdy level of 24.5% and 23.6%, respectively. The capital ratios are above the minimum levels set by the Bangko Sentral ng Pilipinas and among the highest in the industry.
PSBank garnered various awards and accolades in 2023. The Bank was recognized as an Outstanding Stakeholder by the Bangko Sentral ng Pilipinas and received the Double Golden Arrow Recognition for Excellence in Corporate Governance from the Institute of Corporate Directors. It attained the highest credit rating from PhilRatings and was included in Forbes’ list of the World’s Best Banks, ranking 7th among Philippine banks. The Bank was also honored as the Best Disbursement Partner in the Thrift Bank Category in the SSS Balikat ng Bayan Awards and was awarded with Gold and Silver Anvil Awards by the Public Relations Society of the Philippines for the use of social media and for 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.
About PSBank
Philippine Savings Bank (PSBank) is an industry trailblazer in innovative and future-ready banking, and is the country’s consumer and retail bank of choice for almost 60 years. Its primary objective of delivering quality customer service, simplified processes, quick credit decisions, and consumer-focused products are underscored by a clear promise: Simple Lang, Maaasahan.
It is the retail banking arm and a subsidiary of the Metropolitan Bank and Trust Company. To date, PSBank’s nationwide network has already reached 250 branches and 557 in-branch and offsite ATMs – ready to serve its ever-growing client base.
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