PSBank 9-mo bottom line fell 29% to P 2.85B
Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, saw a 28.7-percent drop in earnings for the nine months to September, even as its loan portfolio booked double-digit growth.
In a disclosure on Friday, PSBank said its net income for the period settled at P2.85 billion, down from P4 billion a year earlier.
The bank said that compared to last year, credit provisions—or funds allotted for bad loans—were higher due to one-off updates in its expected credit loss model.
Meanwhile, its net interest income grew 8 percent year-on-year to P9.85 billion. This was amid higher loan demand from consumers and small businesses.
PSBank’s total loan portfolio in the period expanded by 12 percent to P155 billion.
The gross non-performing loan ratio was at 3.5 percent.
Deposits during the period, on the other hand, reached P164 billion.
“The steady growth in our lending business reflects the trust and confidence of our customers in our commitment to offer simple, reliable and accessible products and services,” said PSBank president Jose Vicente Alde.
“As we approach the homestretch of 2025, we will continue to rely on our core business strength and operational efficiencies to provide us a platform for sustainable growth in the coming years,” Alde said.
The bank’s capital adequacy ratio and common equity tier 1 ratio stood at 24.6 percent and 23.6 percent, respectively. Both were3 well above the regulatory minimum set by the Bangko Sentral ng Pilipinas.
The bank successfully listed its P5 billion fixed-rate bonds on the Philippine Dealing & Exchange Corp. last August. While this was supposed to run Aug. 4-8, PSBank said this was cut short to one day following strong demand from the investing public.
“Net proceeds will provide the bank with access to long-term funding to support its expansion initiatives and further diversify its funding sources,” PSBank said in an earlier statement.
This represents the third tranche of its P40-billion bond program.
PSBank raised P6.3 billion during the first tranche in 2019 and P4.65 billion during the second tranche in 2020.
