Philippine Savings Bank (PSBank) declared 7.5-percent regular cash dividends for the second quarter, amounting to a total of P320.14 million.
The subsidiary of Metropolitan Bank & Trust Co. (MetroBank), said that its board of directors approved the distribution of P0.75-per-share dividend to common stockholders during a meeting last week.
All the stockholders will receive payment by August 24. PSBank declared dividends for the first quarter in April, with the payment settled not later than May 21. It also amounted to P320.14 million or P0.75 per share.
This month, the listed bank launched PSBank Mobile Time Deposit placement which is a digital service allowing clients to open peso time deposits via mobile phone.
The Metrobank consumer banking arm said that this offering is an investment option for customers who have extra funds willing to be set aside for up to 90-day period to earn fixed-rate returns. PSBank is requiring a minimum placement of P10,000 to open a peso time deposit account.
In the first quarter, the bank saw its earnings decline by 5.1 percent to P646.2 million on the back of higher buffer against potential increase in credit loss amid the pandemic. Net interest income for the period improved to 21.8 percent to P3.2 billion year-on-year while net services fees reached P458.1 million.
Total loan portfolio, meanwhile, climbed by 3.6 percent to P165 billion in the first three months, bringing 1.8-percent growth for total assets at P240.3 billion. The bank’s capital adequacy ratio was 17.2 percent as of end-March, which is above regulatory minimum of 10 percent.
“PSBank has a strong balance sheet and capital position coming into this unprecedented situation,” PSBank President Jose Vicente Alde said in an earlier disclosure.