PSBank 2022 Earnings Hit ₱3.6-B

Philippine Savings Bank (PSBank), the country’s largest thrift bank, owned by Metropolitan Bank & Trust Co. (Metrobank), more than doubled its profit to P3.68 billion last year from P1.54 billion in 2021.

Photo Insert: PSBank's total revenues reached P15.02 billion last year, fueled by the 34-percent jump in combined fees, commissions, and other income amounting to P3.97 billion.

President Jose Vicente Alde attributed the remarkable performance to higher loan demand, better asset quality, an increase in non-interest revenues, and prudent expense management.

Alde said the bank’s total revenues reached P15.02 billion last year, fueled by the 34-percent jump in combined fees, commissions, and other income amounting to P3.97 billion.

On the other hand, he said PSBank’s sustained efforts in productivity, process efficiency, and automation has kept operating expenses under control, inching up by only two percent versus 2021.

According to Alde, the thrift bank also managed to cut its credit provisions due to improved asset quality complemented by efficient collection and recovery efforts. PSBank’s gross nonperforming loans ratio improved significantly to 3.5 percent in 2022 from 6.1 percent in 2021. Total deposits stood at P213.77 billion.

The bank’s total assets reached P264.42 billion, while total capital inched up by six percent to P37.14 billion. This translated to a total capital adequacy ratio (CAR) of 24.8 percent and Tier 1 capital ratio of 24 percent, both exceeding the regulatory requirements set by the Bangko Sentral ng Pilipinas (BSP).

Metrobank recently reported a 48-percent jump in net income to an all-time high of P32.77 billion from P22.15 billion in 2021 as the Philippine economy further reopened with the lifting of strict COVID-19 quarantine and lockdown protocols.

Metrobank president Fabian Dee said the Ty-led bank continued to deliver strong results on the back of better corporate and consumer lending businesses, healthy fee income, subdued operating expense growth, and lower provisions on stable asset quality.

“Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens,” Dee said.

Metrobank president Fabian Dee said the Ty-led bank continued to deliver strong results on the back of better corporate and consumer lending businesses, healthy fee income, subdued operating expense growth, and lower provisions on stable asset quality.

“Backed by the strategies we initiated during the pandemic, our solid performance and the recognitions we received in 2022 reflect our efforts to support our clients’ growing needs as the economy reopens,” Dee said.

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