Increased lending meant bigger profits for this bank
George Ty’s Philippine Savings Bank (PSBank) saw its net profit zoom to P641.1 million during the first quarter, up 25 percent year on year.
In a regulatory filing, the thrift bank said an 11.7 percent increase in consumer loans drove the higher profits. Total operating income grew 15 percent to P3.7 billion.
“The improvement in our performance this quarter is a result of the year-on-year momentum brought about by our strategy to focus on exceptional customer experience, digitization of products and channels, and automation of backroom processes. These resulted to an expansion of our market stronghold and good bottom line performance,” said PSBank president Jose Vicente Alde.
What a solid start!