PSBank, the thrift banking arm of the Metrobank Group, registered a Php 1.20 billion net income in the first quarter of 2024, up 23% from the Php 976.88 million reported the same period last year. Core revenues, comprising of net interest income and net services fees and commissions, rose by 2% year-on-year to Php 3.49 billion, while operating expenses grew by 5% to Php 2.30 billion.
The Bank’s total gross loan portfolio expanded by 10% year-on-year to Php 128 billion as of March 31, 2024. This was driven by the solid demand for motor vehicles which led to a 20% growth in auto loans. Gross non-performing loans (NPL) ratio remained in check at 3.4% resulting in lower provisions this quarter. Total assets reached Php 234 billion while total deposits and capital were recorded at Php 185 billion and Php 41 billion, respectively. Meanwhile, total capital adequacy ratio stood at 24.6% while common equity tier 1 ratio was at 23.5%. Both ratios are well above the regulatory minimum set by the Bangko Sentral ng Pilipinas and among the highest in the industry.
“Despite prevailing economic challenges, we continue to see steady growth in our core business following our record-breaking performance in 2023. PSBank remains dedicated to offering simple and effortless banking solutions to meet the rapidly evolving needs of consumers,” President Jose Vicente L. Alde said.
In January 2024, PSBank received Quill awards from International Association of Business Communicators (IABC) Philippines for its outstanding use of corporate communications through online videos and annual report. Additionally, the Bank’s multimedia and public relations materials garnered Silver Anvils from Public Relations Society of the Philippines.