PSBank, the thrift banking arm of the Metrobank Group, has announced a remarkable milestone with an unprecedented net income of Php 4.53 billion for the fiscal year 2023, marking a substantial 23% increase from Php 3.68 billion in 2022. This outstanding performance reflects a robust return on equity of 11.7%, driven by notable growth in loans, enhanced investment revenues, and streamlined operational costs.
The bank’s financial success was propelled by a significant surge in net interest income, reaching Php 11.83 billion with a notable 7% year-on-year growth. Operating expenses were effectively managed, decreasing by 1% through ongoing cost optimization initiatives. President Jose Vicente L. Alde attributed this achievement to the collaborative efforts and unwavering dedication of PSBankers in delivering seamless banking services to clients and stakeholders.
PSBank’s gross loan portfolio expanded by 12% to Php 125 billion, primarily fueled by a remarkable 24% growth in auto loans due to heightened demand for vehicles. Despite the loan portfolio’s expansion, the bank saw a reduction in its gross non-performing loans ratio from 3.5% to 3.3% by the end of 2023, indicating improved credit quality.
By the close of December 31, 2023, PSBank’s total assets stood at Php 238 billion, while total deposits reached Php 190 billion. The bank’s robust capital base amounted to Php 40 billion, boasting impressive capital adequacy ratios with total capital adequacy ratio and common equity tier 1 ratio at sturdy levels of 24.5% and 23.6%, respectively—exceeding regulatory requirements set by the Bangko Sentral ng Pilipinas and ranking among the highest in the industry.
In addition to its financial achievements, PSBank received prestigious accolades throughout 2023, including recognition as an Outstanding Stakeholder by the Bangko Sentral ng Pilipinas and the Double Golden Arrow Recognition for Excellence in Corporate Governance from the Institute of Corporate Directors.
The bank secured the highest credit rating from PhilRatings and was listed among Forbes’ World’s Best Banks, ranking as the 7th best bank in the Philippines. Furthermore, PSBank was honored as the Best Disbursement Partner in the Thrift Bank Category at the SSS Balikat ng Bayan Awards and received Gold and Silver Anvil Awards from the Public Relations Society of the Philippines for its innovative social media campaigns.
These accolades and exceptional financial performance underscore PSBank’s unwavering commitment to delivering exceptional banking experiences to its clients and stakeholders while setting new benchmarks for excellence in the banking industry.
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