PHILIPPINE Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, grew its net income by 18 percent to P2.56 billion in the first half of the year from P2.17 billion reported last year, resulting in an annualized return on equity of 12.5 percent.
The strong demand for consumer loans and improvement in credit quality contributed to the Bank’s solid financial performance. Net interest income rose by four percent year-on-year to P6.08 billion while total operating income, including service fees, commissions and other income, ended the half at P7.74 billion.
Operating expenses increased by five percent to P4.62 billion. / PR