Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, reported an all-time high net income of ₱5.21 billion for 2024, up 15 percent from the ₱4.53 billion it earned in 2023.

In a disclosure to the Philippine Stock Exchange, the bank said this resulted in a higher return on equity of 12.4 percent compared to 11.7 percent in the previous year.

“The robust double-digit growth in loans, coupled with significant improvements in asset quality, fueled the bank’s outstanding financial performance,” PSBank said.

Core revenues, composed of net interest income, service fees, and commissions, rose by four percent to ₱14.11 billion. Increase in operating expenses remained under control at four percent as the bank pursued its cost optimization strategies.

PSBank’s total gross loans grew by 15 percent year-on-year to ₱144 billion as of December 2024, boosted by strong demand across both consumer and commercial lending segments.

Despite the expansion in loan portfolio, the bank said it was able to keep its gross non-performing loans ratio in check at 2.6 percent, better than the 3.3 percent a year ago.

The bank’s total assets closed at ₱216 billion while total deposits reached ₱165 billion by year-end 2024.

Capital funds improved by 10 percent to ₱44 billion, translating to a total capital adequacy ratio and common equity tier 1 ratio of 23.6 percent and 22.5 percent, respectively.

Both ratios are above the regulatory minimum set by the Bangko Sentral ng Pilipinas and are among the highest in the industry.

“Our record-high performance reflects our commitment to sustainable growth and quality, and the unwavering trust of our clients,” said PSBank President Jose Vicente Alde.

He added that, “Looking ahead, we expect to capitalize on the growing and evolving needs of consumers.”