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PSBank net profit rises 10% in the first quarter

PHILIPPINE SAVINGS Bank (PSBank) saw its net profit climb by 10% year on year in the first quarter as its consumer loan book grew.

The thrift banking arm of the Metrobank Group booked a net profit of P976.88 billion in the first three months, up from P887.65 billion in the same period last year, it said in a disclosure to the local bourse.

The bank’s financial statement was not available as of press time.

“Even as interest rates and inflation remain high, elevated consumer spending continues to persist which has fueled significant retail loan demand for the early part of 2023. This works well for PSBank which primarily caters to the needs of the consumer market, specifically for their auto and mortgage loan requirements among others,” PSBank President Jose Vicente L. Alde was quoted as saying.

“As we remain cautiously optimistic for any possible short-term volatility attributed to overseas developments, we are equally confident of the organization’s ability to adapt to challenges, pursue business opportunities, and deliver well for our customers and stakeholders,” Mr. Alde said.

PSBank’s net interest income rose by 8% year on year to P2.95 billion.

Net service fees also grew by 7% to P464.6 million.

On the other hand, operating expenses went down by 5% to P2.19 billion “as the bank continued to pursue cost optimization strategies resulting from initiatives on operational efficiency.”

PSBank’s gross loans grew by 4% to P116 billion at end-March amid better demand for credit among consumers following the economy’s reopening.

“The bank’s auto loan portfolio grew by 13% year on year on the back of higher demand for car financing,” it said.

Even as loans expanded, asset quality improved as its gross nonperforming loan ratio went down to 3.2% from 5%.

Meanwhile, deposits with the bank stood at P209.81 billion. Low-cost current and savings account deposits were at P73.29 billion.

The bank’s capital was at P37.82 billion as of March, with its capital adequacy and Tier 1 ratios at 24.6% and 23.8%, respectively.

Its assets stood at P255.76 billion at end-March.

PSBank’s shares rose by 20 centavos or 0.35% to end at P56.55 apiece on Monday.

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