PHILIPPINE Savings Bank (PSBank), the consumer banking arm of the Metrobank Group, recorded a net income of P646.2 million for the first quarter of 2020.
Net interest income grew 21.8 percent to P3.2 billion versus the same period last year while net service fees reached P458.1 million. Net Income for the first quarter of 2020 is lower by 5.1 percent on increased credit provisioning.
Total loan portfolio as of the first quarter of this year grew by 3.6 percent to P165 billion coming from the strong demand in the first two months of this year prior to the Enhanced Community Quarantine (ECQ) period. This contributed to total assets growth of 1.8 percent year-on-year to P240.3 billion. Low-cost deposits improved by 10.2 percent reaching P60.6 billion. Gross non-performing loans is stable at 3.7 percent.
PSBank’s balance sheet remains strong with capital of P34.8 billion. The bank’s total Capital Adequacy Ratio (CAR) of 17.2 percent is well above the regulatory minimum of 10 percent.
“PSBank has a strong balance sheet and capital position coming into this unprecedented situation. Cognizant of the potential impact of the pandemic to the economy, we decided to exercise prudence by increasing provisions to 150 percent versus previous year. During the quarantine period, the bank continued to operate 80 percent of its branches while keeping in place precautionary measures to ensure that our customers and employees are safe. Both customer and IT support were further strengthened to keep our online banking services available 24/7, this being the alternative banking channel during these times,” PSBank president Jose Vicente Alde said.
To assist customers during this period, the bank put together an easy-to-use "Quick Customer Enquiries" module in its website which shows information on daily branch schedules, fraud protection tips, loan payment grace periods, and how-to guides on banking services.
PSBank ensured the availability of safe and convenient digital banking services for customers to still do their banking transactions: Check deposit using the PSBank Mobile Check Deposit facility launched in September 2019; Mobile and Online fund transfers via InstaPay and PESONet; PaSend for mobile cash remittances withdrawable from over 1,000 combined PSBank and Metrobank ATMs nationwide; payment of bills via mobile or online; and 24/7 cash availability in PSBank ATMs. PSBank likewise made it easy for customers to reach the bank through various communication platforms: Chatbot “ISSA” via FB Messenger (Interactive, Speedy & Simpleng Assistant) for quick queries; “LiveChat” if customers wish to interact with our Customer Associates; and our 24/7 Customer Experience Hotline for phone-in concerns. (AP)