PSBank’s Net Income Up 20% In Q3

PSBank’s Net Income Up 20% In Q3

Spotlight

Celebrate The Holidays With MMFF 2020, Globe, And Upstream

Globe and its partners also encourages moviegoers to fight online privacy.

More Than 124k Drivers, Operators Join Transport Cooperatives

A total 124,443 drivers and franchise owners and operators have joined accredited transport cooperatives ready for franchise consolidation.

Globe Recreates The Way You Learn With Special Promos

Globe introduces special Go promos for students and the GoTOK series to make quality learning and self-improvement accessible for everyone online and in real life!

Roma Point Bridge Construction In Full Swing With Republic Cement Support

Expected to be the longest bridge in Calabarzon, the Roma Point Bridge, also known as the Alabat Bridge, will be 1.7 kilometers long upon completion and will connect Alabat Island to mainland Quezon province.

Philippine Savings Bank (PSBank), the thrift-bank arm of the Metrobank Group, continued to make strides as it registered PhP813.0 Million in net income for the 3rd quarter of 2019 alone, a 20.1% increase versus the same period last year. This translated to a year-to-date net income of PhP2.2 Billion, up by 8.4% in the first nine months of 2019 versus 2018.

The Bank’s strong financial results were supported by a 9.3% growth in its core revenues, composed of interest income and fee-based income. Its earnings translated to an annualized return-on-assets of 1.2%.

PSBank’s loans and receivables rose by 6.4% year-on-year to Php162.1 Billion, from Php152.4 Billion fueled by its Auto and Mortgage loan offerings. Notwithstanding the growth of its loan portfolio, the Bank was able to consistently manage asset quality with non-performing loans ratio kept low at 2.7%. Its Total Capital Adequacy Ratio was at 17.4% while its Common Equity Tier 1 Ratio (CET1) was at 16.6%. Both are above the minimum required level set by the Bangko Sentral ng Pilipinas (BSP).

On the funding side, low-cost deposits increased by 6.7% year-on-year to Php56.9 Billion from Php53.3 Billion, while total deposits went down by 8.4% at Php181.1 Billion from Php197.7 Billion the same period last year as the Bank continues to re-balance its funding mix to focus on retail and alternative sources.

“The encouraging results we’ve reaped are underscored by a bank-wide mindset built on purposeful innovations, enhanced operational efficiencies, and firm decisions backed by data analytics and better understanding of our customers. As we enter the homestretch of 2019, we are even more motivated by these positive developments, and continue to be inspired by our achievements and recognitions,” PSBank President Jose Vicente L. Alde said.

Recently, PSBank bagged the highest awards at the 2019 CX Asia Excellence Awards in Singapore –Gold Award for “Best Customer Experience” and “Best Digital Experience.” The Bank also received an “Award of Merit” at the 17th Philippine Quill Awards for its “Be Aware!” and “Good to Know” campaigns which are in support of the BSP’s financial consumer protection initiatives.

PSBank also released the newest version of its PSBank Mobile App. Aside from having a fresh look, the upgraded app is packed with new functionalities and services including PSBank PaSend remittance service and Mobile Check Deposit.

The Bank currently has 250 branches and 559 ATMs nationwide.

Youth Volunteers Buy Meds For Surigao Town’s Seniors

Pilipino para sa Pilipino! A group of youth officials in the Surigao del Norte town of Bacuag has taken errands for the elderly in the area like buying medicines for them.

Manila Churches Ready To Accept More Attendees

Catholic churches in Manila are ready to accept more churchgoers as the city government approved an increase in the number of people that would be allowed to attend religious gatherings.

More Than 124k Drivers, Operators Join Transport Cooperatives

A total 124,443 drivers and franchise owners and operators have joined accredited transport cooperatives ready for franchise consolidation.

Pasig Temporarily Shuts Down Community Kitchen

The Pasig city government has temporarily closed its community kitchen after one of its workers tested positive for the COVID-19.

Zamboanga City Records 52 HIV Cases

The City Health Office of Zamboanga has recorded 52 HIV cases since January this year.

1st ARISE Virtual Annual General Membership Meeting Focused On Business Resilience

ARISE Philippines discusses the need to focus on key priority areas in its advocacies on disaster risk reduction in its first virtual Annual General Membership Meeting.

IATF Notes Bacolod’s Decreasing COVID-19 Cases

“We can say that the cases are going down. Also, the mortalities have lowered. This is an indication that what the EOC is doing is really having good, positive results,” said Inter-Agency Task Force (IATF)-Visayas chief implementer Maj. Gen. Melquiades Feliciano.

Bacolod City Shares Best COVID-19 Practices With Other LGUs

Bacolod City shares its best practices in responding to the COVID-19 crisis with some LGUs in Negros Occidental and other provinces in Western Visayas.

Tarlac City Residents Asked To Observe ‘Undas’ Guidelines

Tarlac City reminds residents to strictly comply with guidelines governing the observance of the All Saints’ Day or Undas.