PHILIPPINE Savings Bank (PSBank) saw its net income increase by nearly a fifth as of the first quarter buoyed by the growth of its core revenues, composed of net interest income and fee based earnings, combined with operational efficiency.

The Bank grew its bottom-line by 18 percent to P511 million in the first quarter of the year.

PSBank’s total loan portfolio jumped by 13 percent year-on-year to P134 billion from P118 billion propelled by a strong demand in the consumer lending segment, particularly auto and mortgage loans.

The Bank’s asset quality remained healthy and in check with net non-performing loans (NPL) ratio steady at 1.1 percent and NPL coverage ratio increasing to 86 percent from 84 percent a year ago.

Deposits, meanwhile, rose by 25 percent annually to P170 billion as of end-March from P137 billion last year with low cost funds growing by 18 percent year-on-year. PR