PSBank, the thrift banking division of Metrobank Group, has reported a notable 18% surge in net income to P3.37 billion ($67 million) in the first three quarters of 2023. The bank's President, Jose Vicente L. Alde, attributed this growth to the expansion of core business operations such as auto loans, which saw a significant 24% growth, and prudent expense management strategies.
The bank's total loan portfolio expanded by 12%, reaching P123 billion ($2.4 billion), with auto loans being a key driver of this growth. Despite the overall decline in total assets from P253 billion to P236 billion and a decrease in deposits from P203.19 billion to P188 billion compared to 2022, the bank managed to increase its capital from P36.8 billion to P40 billion.
In addition to these financial highlights, PSBank's net interest income rose by 7% to P8.82 billion ($175 million). Revenues generated from service fees, commissions, and asset recoveries also increased, hitting P1.33 billion ($26 million).
The bank maintained a healthy gross non-performing loans ratio of 3.4%, surpassing both pre-pandemic levels and the minimum benchmarks set by Bangko Sentral ng Pilipinas, the country's central bank. Furthermore, PSBank boasted some of the highest industry ratios for capital adequacy and common equity tier 1 at 24.6% and 23.7%, respectively.
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