Philippine Savings Bank, the thrift bank unit of Metropolitan Bank & Trust Co., said Tuesday net income grew 2.2 percent in the first half to P1.2 billion from P1.1 billion a year ago.
PSBank said in a statement the six-month performance was driven by a 10-percent increase in core income, composed of revenues from consumer loans, investments and fee-based income.
Total loans grew 13.2 percent to P121.3 billion, fueled by auto and mortgage loans. PSBank said despite the double-digit growth of its loan portfolio, it kept the non-performing loan ratio at 1.2 percent, with NPL coverage of 82 percent.
Total resources increased 18.4 percent to P176.5 billion as of end-June 2016.
“The ’customer-centric’ mindset continues to give us positive financial results through prudent lending and increased stable funding,” PSBank president Vicente Cuna Jr. said.
“The bank also received local and international recognitions as a testament to its efforts to introduce innovation and for being the market standout in delivering top-quality customer service. Understanding the needs of our clients remains our priority,” Cuna said.
Deposits also increased 17 percent to P139.3 billion. This was anchored on a 21.7-percent rise in current and savings account.
Capital base stood at P20.2 billion, with a tier 1 and total capital adequacy ratio of 11.7 percent and 14.8 percent, respectively.
PSBank has a total of 255 branches and 626 automated teller machines nationwide.