MANILA, Philippines – Philippine Savings Bank (PSBank) posted a 29 percent jump in its net income in 2013 on the back of growth in its loans and gains from sale of its investments.
PSBank, the thrift bank arm of the Metrobank Group, said net income grew from P2.3 billion in 2012 to P2.9 billion in 2013.
“The thrift bank arm of the Metrobank Group posted a record-breaking performance resulting from the aggressive growth in its loan portfolio as well as gains from sale of its investment portfolio,” the bank said in a disclosure to the Philippine Stock Exchange on Tuesday.
PSBank said its gross loan portfolio grew by 17 percent to P85.9 billion in 2013, most of which came from consumer loans.
Its total deposits also saw an increase of 13 percent year-on-year at P106.5 billion.
PSBank expanded its core assets in 2013, boosting net interest income by 18 percent to P6.7 billion from P5.7 billion in 2012 while total gross revenue jumped 18 percent to P14.7 billion from P12.4 billion the previous year.
“In 2013, we focused on expanding our core assets to sustain our growth in the coming years and we are happy with the results. Our auto and mortgage business continue to strengthen, backed up by an aggressive retail deposit campaign,” PSBank president Vicente Cuna said.
PSBank earlier said it is planning to open 20 new branches in 2014 to reach more Filipinos especially those in the countryside.
As of end 2013, PSBank had 224 branches nationwide and 550 ATMs nationwide.