PSBank reports ₱5.21B net income, 15% year-on-year increase

Philippine Savings Bank (PSBank), a subsidiary of the Metrobank Group, reported an all-time high net income of ₱5.21 billion for 2024, marking a 15 percent increase from the previous year.

The bank's strong financial performance was attributed to robust double-digit growth in loans and improvements in asset quality, resulting in a return on equity of 12.4 percent.

PSBank’s core revenues increased by four percent to ₱14.11 billion, while its total gross loans grew by 15 percent year-on-year to ₱144 billion.

Despite expanding its loan portfolio, PSBank maintained a low gross non-performing loans ratio of 2.6 percent, an improvement from the previous year’s 3.3 percent.

The bank's total assets and deposits reached ₱216 billion and ₱165 billion respectively by the end of 2024, with capital adequacy ratios well above regulatory requirements.

PSBank President Jose Vicente Alde highlighted the bank’s commitment to sustainable growth and expressed optimism about meeting evolving consumer needs in the future.

The Bangko Sentral ng Pilipinas' monetary policy easing cycle, which began in August 2024, contributed to increased demand for loans, driving PSBank's financial performance.