PHILIPPINE Savings Bank (PSBank) saw its net profit climb by 139% in 2022 on improved loan demand and asset quality, it said in a statement on Wednesday.
The thrift banking arm of the Metrobank Group booked a net income of P3.68 billion last year, more than double the P1.54 billion recorded in 2021.
“The bank’s remarkable performance is attributed to higher loan demand, better asset quality, increase in non-interest revenues and prudent expense management,” it said.
PSBank’s financial statement was not available as of press time.
“2022 was another milestone for PSBank as it posted a historic-high net income. Aside from a recovering economy which resulted in rising consumer loan demand, our financial performance last year clearly is a reflection of our strategic resolve to consistently be customer-focused, and enable the power of technology to increase productivity and efficiency,” PSBank President Jose Vicente L. Alde was quoted as saying.
“We have a strong and retooled workforce which demonstrated how organizational flexibility can be a key differentiator in a volatile business environment. Even as we continuously make our digital services robust and reliable, our core service principle remains the same: always make it simple and effortless for our customers,” Mr. Alde added.
The bank said its revenues stood at P15.02 billion last year, with combined fees, commissions, and other income totaling P3.97 billion, up by 34% year on year.
Operating expenses remained “under control”, inching up by 2% from 2021 amid “sustained efforts in productivity, process efficiency and automation,” PSBank said.
“The bank saw a significant drop in credit provisions by 57% versus the same period last year due to improved asset quality complemented by efficient collection and recovery efforts,” it added.
PSBank’s gross nonperforming loan (NPL) ratio improved to 3.5% from 6.1% in 2021.
On the funding side, total deposits were at P213.77 billion last year.
The bank’s assets stood at P264.42 billion at end-2022.
Total capital increased by 6% year on year to P37.14 billion. Its capital adequacy ratio was at 24.8%, while its common equity Tier 1 ratio was at 24%.
PSBank’s shares dropped by P1.45 or 2.57% to close at P55 each on Wednesday. — A.M.C. Sy
