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Keisha Ta-Asan - The Philippine Star
March 4, 2025 | 12:00am
The country’s largest thrift bank, owned by Metropolitan Bank & Trust Co. (Metrobank), attributed the remarkable performance to the double-digit growth in loans as well as better asset quality.
STAR / File
MANILA, Philippines — Ty-led Philippine Savings Bank (PSBank) grew its profit by 15 percent to P5.21 billion last year from P4.53 billion in 2023.
The country’s largest thrift bank, owned by Metropolitan Bank & Trust Co. (Metrobank), attributed the remarkable performance to the double-digit growth in loans as well as better asset quality.
“Our record-high performance reflects our commitment to sustainable growth and quality, and the unwavering trust of our clients,” PSBank president Jose Vicente Alde said in a statement.
“Looking ahead, we expect to capitalize on the growing and evolving needs of consumers,” he said.
PSBank’s core revenues, composed of net interest income, service fees and commissions, rose by four percent to P14.11 billion in 2024.
The listed bank also said that its operating expenses remained under control at four percent as the lender pursued its cost optimization strategies.
Total gross loans went up by 15 percent to P144 billion as of December 2024, fueled by strong demand across both consumer and commercial lending segments.
Despite the expansion in loan portfolio, PSBank was able to keep its gross non-performing loans ratio in check at 2.6 percent, lower than 3.3 percent a year ago.
By end-2024, total assets hit P216 billion while total deposits reached P165 billion.Capital funds improved by 10 percent to P44 billion last year. This translated to a total capital adequacy ratio of 23.6 percent and common equity tier 1 ratio of 22.5 percent. Both ratios are above the regulatory minimum levels and are among the highest in the industry.
To date, PSBank’s nationwide network has already reached 250 branches and over 500 in-branch and offsite ATMs – ready to serve its ever-growing client base.
Last month, Metrobank reported a 14-percent increase in net income to an all-time high of P48.1 billion from P42.2 billion a year ago, driven by robust asset expansion and better asset quality.
“The hard work that all Metrobankers put in growing our corporate, middle market, retail and wealth segments as well as our investments in technology and human resources and risk management initiatives continue to bear fruit,” Metrobank president Fabian Dee said.
“This positive momentum and our strong balance sheet set us up very well to continuously meet the growing needs of our clients and to pursue our medium-term strategies,” Dee said.
