The Philippine Savings Bank (PSBank) recorded a 39% increase in its net income in 2021, mainly due to the double-digit increase in commission income during the year.
PSBank saw its net income jump to 1.5 billion pesos, which it attributed to a 22% rise in fee income, a 3% drop in expenses and lower provisions for losses on loans, as it stimulated collection efforts.
Its non-performing loan ratio fell to 3.4 percent from 5.2 percent a year earlier, while deposits jumped 29 percent to 216.80 billion pesos from 167.46 billion pesos.
“The last two years of the pandemic have highlighted the importance of organizational flexibility,” President Jose Vicente Alde said in an emailed statement.
“Our financial performance in 2021 is a testament to the strength of the bank’s balance sheet and the agility of the organization to quickly adapt to volatile market conditions,” he continued.
PSBank closed 2021 with total assets worth 261.81 billion pesos, up 19% from 219.41 billion pesos the previous year.
The lender’s business segments include retail banking, corporate banking, branch banking and treasury. It also holds a 30% stake in Sumisho Motor Finance Corporation, in partnership with Sumitomo Corporation.
It ended 2020 with a total of 250 branches and 535 ATMs.
Shares of PSBank last traded at P56.50 on Feb 24, 2022. —BM, GMA News
