Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, continued to make strides in the nine months ending September, as it reported P1.9 billion in net income, 7.7 percent higher than net earnings recorded in the same period last year.
The bank’s financial results were mainly supported by its core income—composed of revenues from consumer loans and investments—which posted a double-digit growth of 10.7 percent year-on-year.
PSBank remained focused in strengthening its core businesses for long-term sustainability. Its consumer loan portfolio rose by 14.7 percent to P113.7 billion, propelled by auto and mortgage businesses.
The bank managed to keep its nonperforming loans (NPL) ratio in check at 1.1 percent, with NPL coverage at 85 percent.
Meanwhile, low-cost deposits jumped by 20.9 percent from a year ago.
As at end-September this year, PSBank’s total resources stood formidable at P183.8 billion, expanding by 15.3 percent year-on-year. Its total capital adequacy ratio—a measure of a bank’s financial strength—was at 15.0 percent, while Tier-1 capital was 12 percent. Both are well above the Bangko Sentral ng Pilipinas’s minimum required level.
“The consistent growth in our core business is a result of the bank’s customer-centric culture. We recognize that customers want things done simpler, faster, and delivered by people who truly care.
We focus our efforts in providing a positive customer experience to our clients, which entails being highly responsive and making banking an effortless experience,” PSBank President Vicente R. Cuna Jr. said.
The lender recently received the BSP Pagtugon Award for the second straight year for excellence in responding and addressing clients’ concerns. It was also recognized for providing an exceptional end-to-end customer experience at the annual Customer Experience Awards in Singapore, winning Second runner up for the Best Customer Experience Award category and an Honorary Mention in the Best Customer Experience Team category. PSBank, along with Metrobank, was also awarded by the Asian Banker the Auto Loan Product of the Year in 2016 (Country Level) for being the market leader in auto loans business in the Philippines propelled by the synergy of the retail strategy of the two banks.
Recently, PSBank launched e-Trust, a service that will allow clients to apply for and manage their trust accounts online, as part of the bank’s ongoing efforts to make banking services more accessible and convenient for its clients, in line with its brand promise of “Simple Lang. Maaasahan.”
The bank currently has 255 branches and 611 automated teller machines nationwide.