Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, reported a 139% increase in net profit for 2022 due to improved loan demand and asset quality, according to a statement released on Wednesday.
The bank’s net income reached PHP3.68B last year, more than double the PHP1.54B 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,” the statement said.
“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,” Bankero and PSBank President Jose Vicente L. Alde said.
The bank’s revenues totalled PHP15.02B in 2022, while operating expenses rose just 2 percent from 2021.
The bank’s gross non-performing loan ratio also improved to 3.5 percent from 6.1 percent in 2021, while total deposits stood at PHP213.77B last year.
The bank’s assets stood at P264.42 billion at the end of 2022.
Total capital increased by 6 percent year on year to P37.14 billion. Its capital adequacy ratio was at 24.8 percent, while its common equity Tier 1 ratio was at 24 percent.