PSBANK, the thrift banking arm of the Metrobank Group, reported a record-high net income of P4.53 billion for the full year 2023, up 23 percent from P3.68 billion in 2022.
This translates to a return on equity of 11.7 percent.
The bank's strong financial performance came from the double-digit growth in loans, higher investment revenues and muted costs brought by operational efficiencies.
Net interest income improved to P11.83 billion, increasing by seven percent year-on-year while operating expenses declined by one percent due to continuous cost optimization efforts of the bank.
"This significant milestone was a result of team work and steadfast commitment of PSBankers in delivering effortless banking to our clients and stakeholders. We want to leverage on this momentum to expand our coverage, provide diversified offerings and further invest in technology to level up customer experience in the succeeding years," president Jose Vicente L. Alde said.
PSBank's gross loan portfolio expanded by 12 percent to P125 billion from previous year's P112 billion. Auto loans grew by 24 percent driven by higher demand on vehicles.
Despite the increase in the bank's loan portfolio, gross non-performing loans ratio decreased year-on-year from 3.5 percent to 3.3 percent at the end of 2023, indicating better credit quality.
As of December 31, 2023, total assets closed at P238 billion while total deposits reached P190 billion.
The bank's capital registered at P40 billion with total capital adequacy ratio and common equity tier 1 ratio at a sturdy level of 24.5 percent and 23.6 percent, respectively.
The capital ratios are above the minimum levels set by the Bangko Sentral ng Pilipinas and among the highest in the industry.
PSBank garnered various awards and accolades in 2023. The bank was recognized as an Outstanding Stakeholder by the Bangko Sentral ng Pilipinas and received the Double Golden Arrow Recognition for Excellence in Corporate Governance from the Institute of Corporate Directors.
It attained the highest credit rating from PhilRatings and was included in Forbes' list of the World's Best Banks, ranking seventh among Philippine banks.
The bank was also honored as the Best Disbursement Partner in the Thrift Bank Category in the SSS Balikat ng Bayan Awards and was awarded with Gold and Silver Anvil Awards by the Public Relations Society of the Philippines for the use of social media and for its Tap campaign online videos, respectively.
These recognitions and record-breaking performance served as a testament to the bank's dedication and continuous efforts to provide exceptional PSBanking experience to all its clients and stakeholders. (PR)