Ty family’s thrift bank unit more than doubles profit in Q1
Money

Ty family’s thrift bank unit more than doubles profit in Q1

Philippine Savings Bank (PSBank), the thrift banking arm of Ty-led Metrobank Group, grew its first quarter earnings by 102 percent to P888 million, buoyed higher operating income and improved asset quality.

PSBank’s net interest income reached P2.7 billion while service fees and commissions rose by 14 percent as loan demand expanded when quarantine restrictions were eased.

Non-interest income soared 190% percent due to increased business activities.

Gross non- performing loans are back to pre-pandemic levels.

The bank ended the first quarter with total assets of P263 billion or 16 percent higher year-on-year.

Total deposits jumped 24 percent to P217 billion with low-cost checking and savings deposits rising by nine percent.

“With our strategies firmly in place, we see our growth and strong financial performance to be sustainable even as there may be potential volatility brought by adverse offshore developments,” said PSBank president Jose Vicente L. Alde.

 

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