Philippine Savings Bank (PSBank), the thrift-banking arm of the Metrobank Group, reported that its net income shot up 139 percent to a record-high P3.68 billion in 2022 from the P1.54 billion earned in 2021.

In a disclosure to the Philippine Stock Exchange, the bank said its remarkable performance is attributed to higher loan demand, better asset quality, increase in non-interest revenues and prudent expense management.

Total revenues reached P15.02 billion with combined fees, commissions, and other income amounting to P3.97 billion, higher by 34 percent year-on-year.

Sustained efforts in productivity, process efficiency and automation has kept operating expenses under control, increasing only by 2 percent versus 2021; and flat compared to the pre-pandemic level in 2019.

The Bank saw a significant drop in credit provisions by 57 percent versus the same period last year due to improved asset quality complemented by efficient collection and recovery efforts.

Gross non-performing loans ratio decreased from 6.1 percent in December 2021 to 3.5 percent in December 2022.

Total assets reached P264.42 billion while total deposits were at P213.77 billion. Total capital was higher by 6 percent at P37.14 billion.

The Bank’s total capital adequacy ratio and tier 1 capital ratio also improved to 24.8 percent and 24.0 percent respectively, both exceeding the regulatory requirements set by Bangko Sentral ng Pilipinas.

PSBank President Jose Vicente L. Alde said “2022 was another milestone for PSBank as it posted a historic-high net income.”

He noted that, “Aside from a recovering economy which resulted in rising consumer loan demand, our financial performance last year clearly is a reflection of our strategic resolve to consistently be customer-focused, and enable the power of technology to increase productivity and efficiency.”

“We have a strong and retooled workforce which demonstrated how organizational flexibility can be a key differentiator in a volatile business environment. Even as we continuously make our digital services robust and reliable, our core service principle remains the same: always make it simple and effortless for our customers,” Alde said.