PSBank Achieves Record-High Net Income in 2022 with 139% Growth Compared to Previous Year

PSBank, the thrift banking division of Metrobank Group, achieved a new high of Php 3.68 billion in net income in 2022, which is 139% higher than the Php 1.54 billion earned in 2021. The Bank’s outstanding performance was due to an increase in loan demand, better asset quality, higher non-interest revenues, and prudent expense management.

Total revenues amounted to Php 15.02 billion, with combined fees, commissions, and other income totalling Php 3.97 billion, up by 34% year-on-year. The Bank’s productivity, process efficiency, and automation efforts have helped to keep operating expenses under control, increasing only by 2% compared to 2021 and remaining flat compared to the pre-pandemic level in 2019. PSBank experienced a significant 57% reduction in credit provisions compared to the same period in the previous year, thanks to improved asset quality, efficient collection, and recovery efforts. The gross non-performing loans ratio dropped from 6.1% in December 2021 to 3.5% in December 2022.

The Bank’s total assets reached Php 264.42 billion, while total deposits amounted to Php 213.77 billion. Total capital increased by 6% to Php 37.14 billion. The Bank’s total capital adequacy ratio and tier 1 capital ratio also improved to 24.8% and 24.0%, respectively, surpassing the regulatory requirements set by the Bangko Sentral ng Pilipinas.

Jose Vicente L. Alde, the President of PSBank, stated, “2022 was another milestone for PSBank as it posted a historic-high net income. Our financial performance last year is a clear reflection of our strategic focus on consistently being customer-centric and leveraging technology to increase productivity and efficiency. Our strong and retooled workforce demonstrated how organizational flexibility can be a key differentiator in a volatile business environment. Even as we continue to improve our digital services’ robustness and reliability, our core service principle remains the same: always make it simple and effortless for our customers.”