PSBank income surges 109% to P1.84 billion in H1 2022

Philippine Savings Bank (PSBank) reported a net income of P1.84 billion in the first half of 2022, a significant increase of 109% compared to the P880 million posted in the same period last year.

This profit surge was driven by improvements in loan portfolio quality, increased revenues from other operating income, and effective management of operating expenses.

PSBank President Jose Vicente L. Alde noted a significant increase in consumer lending activity during the first semester and expressed optimism for its sustainability despite external factors.

The bank's net interest income amounted to P5.45 billion, and its net service fees and commissions saw a 13% growth.

The bank's gross non-performing loans decreased by nearly half, leading to a substantial reduction in credit provisions from P2.17 billion to P625 million.

The net non-performing loans ratio improved to 1.96%, surpassing pre-pandemic levels.

Total deposits reached P220 billion, with low-cost deposits experiencing a 10% year-on-year increase.