MANILA, Philippines - Philippine Savings Bank (PSBank), the Metrobank Group's thrift bank, saw its net income rise by 15% to P2.3 billion last year from P2 billion in the previous year.
The increase, the bank said, is "primarily due to the outstanding growth in its loan portfolio coupled by gains in its investment portfolio."
Total loans of the bank went up 21.4% to P73.5 billion in 2012, owed to increased consumer confidence and the country's economic growth. PSBank said auto loans grew 24.3%, while mortgage loans increased 19%.
Net interest income of the bank, meanwhile, amounted to P5.7 billion, and other operating income summed up to P3.7 billion.
PSBank noted a modest growth in operating expenses at 5% amid investments in branches and ATMs.
"2012 was a banner year for PSBank. Our nation’s 6.6% economic growth coupled by our improved market penetration contributed to exceptional increases in loan releases especially for the consumer segment," PSBank President Pascual Garcia III said in the statement.
"We saw a 36% increase in consumer loan releases driven by both the Auto and Mortgage businesses," he continued.