Saturday, 23 January 2010

PSBank makes P1.24 B in 2009, up 32%

Manila Bulletin

Philippine Savings Bank (PSBank), the country’s second largest thrift bank, posted a 32 percent jump in unaudited net income last year to P1.24 billion from the P940 million earned in 2008.

In a disclosure to the Philippine Stock Exchange, the bank said the 2009 figure is the highest net income level achieved in its history.

PSBank’s sustained growth track during the year resulted in a 25 percent increase in its total net revenues to P6.36 billion in 2009.

The expansion in revenues was comprised of a 30 percent improvement in net interest income and an 11 percent increase in non-interest income.

The growth in interest income was supported by the stable interest rate environment and the healthy expansion of its core lending business during the year

“I am very pleased with the record-breaking figures that the bank has achieved for 2009. This is a result of the healthy expansion of our core lending business backed by better-than-expected economic conditions last year,” said PSBank President Pascual M. Garcia III.

He added that “this financial milestone definitely augurs well for 2010 and in the mid-term.”

PSBank’s total assets rose 25 percent during the year to P93.09 billion. Gross loans increased 15 percent while consumer loans expanded at a 10 percent clip to P37.99 billion. PSBank’s loan portfolio continues to focus on the consumer with 78 percent of its portfolio in this sector.

The bank’s active participation in recent corporate issuances of Meralco, Aboitiz and PLDT among others also allowed its loan portfolio to expand significantly.

On the other hand, its investment securities totalled P23.30 billion, a year-on-year expansion of 19 percent from P19.50 billion in 2008.

Even with an expanded loan portfolio, the Bank was able to improve the quality of its asset base with its non-performing loans (NPL) ratio at 5.5 percent and its NPL coverage ratio at 68 percent as of end-2009.

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