Money

PSBank nets P1.35B as loans up by a tenth

This bank got a big push from increased lending.

This bank got a big push from increased lending.

The Philippine Savings Bank (PSBank) saw its net profits grow 14.7 percent to reach P1.35 billion during the first half of the year.

The consumer banking unit of bilyonaryo George Ty saw loans grow 10.7 percent to reach P151.62 billion. Deposits also grew nine percent higher to P200.09 billion.

As a result, net interest income reached P5.85 billion.

The bank’s secret was to go digital.

“Our first half performance is a continuous realization of our institutional strategy which focuses on the strength of our brand promise of consistently providing exceptional end{o-end customer experience,” PSBank President Jose Vicente Alde said in a disclosure.

“We have likewise tapped on the latest available digital technology to improve on process efficiencies to bring the cost of operations down while maximizing the full potential of our sales distribution channels in generating more business for the bank.”

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