PHILIPPINE Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, achieved a record-high net income of P3.68 billion in 2022, a growth of 139 percent or more than double compared to P1.54 billion in 2021.
The bank’s remarkable performance is attributed to higher loan demand, better asset quality, increase in non-interest revenues and prudent expense management.
Total revenues reached P15.02 billion with combined fees, commissions, and other income amounting to P3.97 billion, higher by 34 percent year-on-year.
Sustained efforts in productivity, process efficiency and automation has kept operating expenses under control, increasing only by two percent versus 2021; and flat compared to the pre-pandemic level in 2019.
The bank saw a significant drop in credit provisions by 57 percent versus the same period last year due to improved asset quality complemented by efficient collection and recovery efforts.
Gross non-performing loans ratio decreased from 6.1 percent in December 2021 to 3.5 percent in December 2022. (PR)