PSBank posts record P5.21 billion net income in 2024

Philippine Savings Bank (PSBank) achieved a record net income of ₱5.21 billion in 2024, marking a 15 percent increase from the previous year.

This strong financial performance was driven by a robust double-digit growth in loans and significant improvements in asset quality.

PSBank's core revenues increased by four percent to ₱14.11 billion.

Total gross loans expanded by 15 percent year-on-year to ₱144 billion, supported by demand in both consumer and commercial lending.

The bank's gross non-performing loans ratio eased to 2.6 percent from 3.3 percent in the prior year.

PSBank's financial performance resulted in a return on equity of 12.4 percent from 11.7 percent in 2023.

PSBank president Jose Vicente Alde stated that the record-high performance reflects their commitment to sustainable growth and quality, and the unwavering trust of their clients.

Looking ahead, Alde expects the bank to capitalize on the growing and evolving needs of consumers.

The bank's total assets stood at ₱216 billion and total deposits reached ₱165 billion by the end of 2024.