PSBank hit record P2.56B Net Income in 1H2024, up 18%

Philippine Savings Bank (PSBank), the thrift banking arm of the, grew its net income by 18% to PhP 2.56 billion in the first half of the year from PhP 2.17 billion reported last year, resulting in an annualized return on equity of 12.5%. The strong demand for consumer loans and improved credit quality contributed to the Bank’Bank’sd financial performance. Net interest income rose by 4% year-on-year to PhP 6.08 billion, while total operating revenue, including service fees, commissions and other income, ended the half at PhP 7.74 billion. Operating expenses increased by 5% to PhP 4.62 billion.

The Bank’s gross loan portfolio registered a 10% growth or PhP 132 billion by the end of June 2024 versus last year’s 120 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 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 PhP 220 billion, while total deposits and capital reached PhP 170 billion and PhP 42 billion, respectively. The Bank’Bank’sl 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.

“By p”ioritizing 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 our products 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,” PSB”nk 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 a customizable display of frequently used features for a more personalized banking experience.

About PSBank

Philippine Savings Bank (PSBank) is an industry trailblazer in innovative and future-ready banking and has been the country’s consumer and retail bank of choice for more than 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 the Metropolitan Bank and Trust Company subsidiary. PSBanPSBank’s sonwide network has reached 250 branches and 557 in-branch and offsite ATMs, ready to serve its ever-growing client base.