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PSBank earnings drop 39%

Philippine Savings Bank (PSBank), the thrift-banking arm of the Metrobank Group, registered a 39 percent drop in net income to P1.33 billion in the first nine months of 2020 from the P2.18 billion earned in the same period last year due to higher loan provisioning.

In a disclosure to the Philippine Stock Exchange, the bank said gross revenues improved 23.9 percent to P13.3 billion year-on-year, with net interest income increasing by 27.6 percent to P10.4 billion.

Other operating income, inclusive of net service fees and commission income, was up 11.9 percent to P2.8 billion versus the same period last year on the back of higher trading and securities gains. 

As of September 2020, total assets closed at PhP214.7 billion. Net non-performing loans ratio was at 4.0 percent with total loans and receivables at P150.4 billion.

To cushion the potential impact of the pandemic, PSBank boosted its loan provisioning to P5.3 billion which is three times higher versus the same period last year.

“PSBank continues to take a conservative stance on credit provisioning amid the present business landscape while leveraging on operating efficiencies and focusing on our digital transformation roadmap,” PSBank President Jose Vicente Alde said.

He noted that, “We are proud to be rated PRS Aaa (corp.) by PhilRatings which signifies a strong and continuous confidence in our institution even during this challenging times.” 

PSBank has seen an exponential rise in the use of its digital banking services, and is committed to improve on them given the fast adoption of consumers to non-contact platforms brought about by the pandemic. The Bank continues to waive its fees on interbank fund transfers via InstaPay and PesoNet in support of the industry’s shift to digital payments.


Source: Manila Bulletin (https://mb.com.ph/2020/11/16/psbank-earnings-drop-39/?utm_source=rss&utm_medium=rss&utm_campaign=psbank-earnings-drop-39)

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