By Reggie Vizmanos
Feb 272 min
PSBank, the thrift banking arm of the Metrobank Group, has announced a record-high net income of Php4.53 billion for the full year 2023, marking a 23% increase from Php3.68 billion in 2022, resulting in a return on equity of 11.7%.
PSBank aims to leverage this momentum to expand coverage, offer diversified services, and invest in technology to enhance customer experience in the coming years. I Photo: PSBank Facebook
The bank attributed its robust financial performance to double-digit growth in loans, higher investment revenues, and operational efficiencies that led to reduced costs. Net interest income rose to Php11.83 billion, up 7% year-on-year, while operating expenses declined by 1% due to continuous cost optimization efforts.
Jose Vicente L. Aide, President of PSBank, credited the achievement to teamwork and the steadfast commitment of PSBankers in delivering effortless banking to clients and stakeholders.
He expressed a desire to leverage this momentum to expand coverage, offer diversified services, and invest in technology to enhance customer experience in the coming years.
PSBank reported a 12% expansion in its gross loan portfolio to Php125 billion, with auto loans growing by 24% due to increased demand for vehicles.
Despite the growth in loans, the bank's gross non-performing loans ratio decreased from 3.5% to 3.3% year-on-year, indicating improved credit quality. As of December 31, 2023, PSBank's total assets stood at Php238 billion, with total deposits reaching Php190 billion.
The bank's capital reached Php40 billion, with total capital adequacy ratio and common equity tier 1 ratio at robust levels of 24.5% and 23.6%, respectively, exceeding the minimum requirements set by the Bangko Sentral ng Pilipinas and ranking among the highest in the industry.
PSBank highlighted several awards and accolades received in 2023, including recognition as an Outstanding Stakeholder by the Bangko Sentral ng Pilipinas and the Double Golden Arrow Recognition for Excellence in Corporate Governance from the Institute of Corporate Directors.
It also attained the highest credit rating from PhilRatings and was listed among Forbes' World's Best Banks, ranking 7th among Philippine banks.
Additionally, PSBank was honored as the Best Disbursement Partner in the Thrift Bank Category in the SSS Balikat ng Bayan Awards and received Gold and Silver Anvil Awards from the Public Relations Society of the Philippines for its social media use and tap campaign online videos, respectively.
PSBank emphasized that these accolades and its record-breaking performance underscore its dedication and ongoing efforts to provide exceptional PSBanking experience to all clients and stakeholders.