Money

PSBank Q1 profit down 5%

The Ty family’s thrift bank arm, Philippine Savings Bank reported a 5.07% drop in first quarter earnings to P646.2 million due to lower fees and commission income and trading losses.

Net service fees and commission Income dropped by 2.2% to P458.09 million. Other operating Income likewise fell 62.29% to P109.7 million due to lower gain on foreclosure and sale of chattel mortgage recorded and trading loss recognized in 2020.

PSBank booked P63 million in trading loss but recorded P3.8 million in foreign exchange gain.

Loans and receivables, net of allowance and unearned interest and discounts, slipped 0.21% to P164.03 billion.

Auto loans, on the other hand, increased to P93.27 billion. Mortgage loans were largely unchanged at P52.19 billion.

The bank allocated P789.15 million for loans likely to sour amid the economic shutdown brought about by the coronavirus pandemic.The amount is 53% higher than the previous year

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