THE thrift bank arm of the Metrobank Group, Philippine Savings Bank (PSBank), posted a net income of P807.6 million as of June this year, a 30 percent increase from the same period last year.
In its disclosure to the Philippine Stock Exchange (PSE) yesterday, the bank reported its net revenue grew by 21 percent to P3.7 billion due to a higher loan portfolio and stronger trading profits.
Its income from loans rose to P2.8 billion on account of improved earnings across its auto, mortgage and SME (small and medium enterprise) businesses.
PSBank’s total assets increased by seven percent to P89.9 billion as its loan portfolio expanded by 15 percent to P52.2 billion.
Auto loans posted the highest growth of 21 percent with increased sales in the auto industry buoyed by high consumer confidence.
Mortgage loans, its second biggest portfolio, likewise grew by 10 percent while personal loans rose by six percent. Its deposits likewise expanded by nine percent to P74.6 billion, as the bank continues to benefit from its various deposit generation campaigns and expanded branch and ATM network.
As of end-June 2010, PSBank had a network 175 branches and 340 ATMs nationwide. It opened a total of five branches and added 28 new offsite ATMs in the first half of this year.
PSBank’s president Pascual Garcia III said he is confident the bank will meet its net income target for the year of P1.4 billion. The bank’s audited net income for last year was at P1.2 billion.