Philippine Savings Bank, the thrift bank arm of the Ty family’s Metrobank Group, grew its net income by 13.8% to P3.03 billion on higher interest margins and operating income.
Revenue went up 2.8% to P14.6 billion while operating expenses, excluding the provision for impairment and credit losses, declined by 2.8% to P8.91 billion.
“We had big wins during the year as we were able to focus on operational efficiency and sustained cost discipline across the organization. 2019 was also marked with the introduction of new digital initiatives, such as PaSend and Mobile Check Deposit, which effectively complemented our “Simple Lang, Maasahan” mantra. We are looking forward to an exciting 2020, empowered with the same passion and commitment,” said PSBank President Jose Vicente L. Alde.
The bank’s total loan portfolio increased by 4.7% to P164.11 billion, driven by the consumer loan business. Despite an increase in risk assets, the NPL ratio improved to 3.6% from 4.2% a year ago from continued improvements in credit quality.
Total resources amounted to P224.91 billion, down 5.4% year-on-year, while total deposits fell 14% to P172.51 billion as the bank continues to rebalance its funding mix to focus on retail and alternative sources.
PSBank currently has 250 branches and 557 ATMs strategically located nationwide.