MANILA, Philippines – Philippine Savings Bank, the thrif unit of the Metrobank Group, posted a record P3.2-billion net income in the first nine months of the year, up 82 percent from P1.8-billion net income in the same period last year, due to the continued expansion of its loan portfolio and gains from its investment portfolio.
In a statement, PSBank said net interest income grew 16 percent to P4.9 billion. Interest income from loans rose 15 percent amidst lower margins as the bank continued to expand its asset base.
The bank’s gross loan portfolio went up 17 percent to P83.7 billion on strong consumer demand.
Even with the increase in loans, the bank said its net non-performing loan (NPL) ratio fell to 0.1 percent and its NPL coverage ratio was in excess of 100 percent.
The bank’s total deposits reached P100 billion, up 14 percent from last year, with the growth driven by excess system liquidity and an increase in new retail clients.
“We are pleased with the strong growth posted not only by our auto and mortgage loans, but also of our retail deposits.” PSBank president Vicente Cuna said.
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The bank’s equity was 21 percent higher at P17.6 billion. This translates to a capital adequacy ratio of 18.4 percent and Tier 1 capital ratio of 15.2 percent, well above the 10-percent regulatory minimum and the Basel 3 requirements set for implementation in 2014.
PSBank’s distribution network includes 222 branches and 537 onsite and offsite ATMs all over the country.
PSBank and Metrobank are the first Philippine banks to be certified compliant with EMV-enabled MasterCard chip cards. The EMV technology significantly improves ATM security for its cardholders.