PSBank net profit dips 28.75% to P2.85 billion amid loan growth

Philippine Savings Bank (PSBank) recorded a net profit of P2.85 billion for the first nine months of the year, marking a 28.75 percent decrease compared to the previous year, primarily due to increased credit provisioning.

Despite the profit dip, the bank's total loan portfolio experienced a significant 12 percent expansion, reaching P155 billion.

PSBank's net interest income saw an 8 percent year-on-year increase to P9.85 billion, driven by robust loan demand from both consumers and small businesses.

The rise in provisioning for loan losses this year is attributed to adjustments made in the bank's expected credit loss model in the prior year.

PSBank President Jose Vicente Alde highlighted that the steady growth in lending demonstrates customer trust in the bank's commitment to providing straightforward, dependable, and accessible products and services.

Alde further stated that PSBank intends to leverage its core business strengths and operational efficiencies to ensure sustainable growth in the upcoming years as the year 2025 concludes.