PSBank income steady at P1.88B
Retail lending is keeping this bank’s loan book thicker than ever.
Philippine Savings Bank (PSBank), the thrift unit of the Metrobank Group, reported a P1.88 billion net income as of end-September. In a disclosure, the bank owned by bilyonaryo George Ty said its profit posted a modest 1% climb from the P1.87 billion it earned during the same nine-month period in 2016.
Although the increase may look minimal, PSBank said its loan portfolio shot up by 14% to hit P142.33 billion, largely driven by a 15% increase in consumer lending.
Deposits grew by a faster 28% to reach P184.4 billion,
“PSBank continues to capture the retail market segment as it delivers exceptional customer experience while enhancing its products, channels, and processes to keep up with its clients’ mobile and on‐the‐go lifestyle,” the listed lender told the Philippine Stock Exchange.
PSBank is the second-biggest thrift bank in the Philippines.