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Monday, February 07, 2005
PSBank posts 20% net income growth
PSBANK posted un-audited net income of P485.5 million in year 2004 or 20 percent better than the year 2003.
Solid earnings came mostly from the bank's consumer banking business, investments, and acquired assets.
The net income is attributed to the total loan portfolio that expanded by 21 percent to P24.5 billion, and deposits increasing by 45 percent to P40.2 billion. The bank's total resources now stand at P46 billion, up by P12 billion or 36 percent from 2003 while total capital is now P4.6 billion.
Earnings per share is at P2.70 and return on equity (ROE) improved to 11.4 percent, from 9.8 percent in 2003.
The bank remains the country's second largest savings bank in terms of assets.
PSBank also managed to grow its balance sheet without sacrificing asset quality. NPL ratio was contained at 6.1 percent, better than the thrift bank industry ratio of 11.6 percent.
PSBank President Pascual M. Garcia III said the bank will continue with the expansionof its branch network, launch new products, and introduce new technology applications to improve products and delivery of services to clients.
He reiterated the valuable support the parent company Metropolitan Bank and Trust Co. has been providing to the bank in terms of technology and infrastructure. Last year, Metrobank purchased !8,360,686 shares of PSBank, thus increasing its stock holdings of the bank from 64 percent to 74 percent.
"2004 was a very good year for PSBank as we demonstrated our ability to grow our business organically by acquiring market share from other bank competitors. Our tracking indicators show notable improvements in our market penetration across all major product groups by they in deposits or loans.
"We took the opportunity provided by a strong growth in our core business to invest P250 million in new branches and technology. This will allow us to serve new communities and be more competitive in 2005," Garcia added.
Last year the bank opened 29 more branches increasing its total nationwide network to 139. ATMs now number 94, with 53 installed in 2004.
(February 6, 2005 issue)
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