PHILIPPINE Savings Bank (PSBank), the thrift banking arm of Metrobank Group, reported a net income of P2.7 billion in 2017, 8.3 percent higher than the P2.5 billion recorded in the previous year.
Continued strong performance of core revenues composed of net interest income and fee based income remains to be the main drivers of the increase in profits.
Net interest income grew by 14.6 percent, while fee-based income increased by 19.9 percent.
Loan portfolio grew by 13.3 percent to P146.3 billion from P129.2 billion in 2016.
Auto and mortgage loans continue to be the main contributors for growth in consumer lending, while increase in SME loans reinforced growth in commercial lending.
PSBank ended 2017 with P223.3 billion in total assets up by 13.4 percent.
Total equity is at P22.4 billion, up by 11.8 percent. (PR)