Thursday, October 22, 2020

PSBank’s Net Income Up 20% In Q3

PSBank’s Net Income Up 20% In Q3

Spotlight

Boost Your Digital Reach At WOCEE WIRED

Learn how to stand out from the crowd on the upcoming WOCEE WIRED!

Transport Coop. Provides More Than 25k Free ‘Green Cards’ For Cashless Transactions

A transport cooperative operating in Las Piñas provides 25,735 passengers with the means to safely board and ride their solar electric jeepneys along the route of Alabang to Zapote.

The Importance Of Deepening Ties And Friendship On Online English Education

51Talk hosts the 2020 Sino-Philippines Educational Exchanges in celebration of the 45th anniversary of the founding of bilateral relations between the Philippines and China.

DBP Backs Public Transport Sector Recovery

DBP is working closely with the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) in finding financial solutions to aid the country's transportation sector due to the difficulties presented by the pandemic.

Philippine Savings Bank (PSBank), the thrift-bank arm of the Metrobank Group, continued to make strides as it registered PhP813.0 Million in net income for the 3rd quarter of 2019 alone, a 20.1% increase versus the same period last year. This translated to a year-to-date net income of PhP2.2 Billion, up by 8.4% in the first nine months of 2019 versus 2018.

The Bank’s strong financial results were supported by a 9.3% growth in its core revenues, composed of interest income and fee-based income. Its earnings translated to an annualized return-on-assets of 1.2%.

PSBank’s loans and receivables rose by 6.4% year-on-year to Php162.1 Billion, from Php152.4 Billion fueled by its Auto and Mortgage loan offerings. Notwithstanding the growth of its loan portfolio, the Bank was able to consistently manage asset quality with non-performing loans ratio kept low at 2.7%. Its Total Capital Adequacy Ratio was at 17.4% while its Common Equity Tier 1 Ratio (CET1) was at 16.6%. Both are above the minimum required level set by the Bangko Sentral ng Pilipinas (BSP).

On the funding side, low-cost deposits increased by 6.7% year-on-year to Php56.9 Billion from Php53.3 Billion, while total deposits went down by 8.4% at Php181.1 Billion from Php197.7 Billion the same period last year as the Bank continues to re-balance its funding mix to focus on retail and alternative sources.

“The encouraging results we’ve reaped are underscored by a bank-wide mindset built on purposeful innovations, enhanced operational efficiencies, and firm decisions backed by data analytics and better understanding of our customers. As we enter the homestretch of 2019, we are even more motivated by these positive developments, and continue to be inspired by our achievements and recognitions,” PSBank President Jose Vicente L. Alde said.

Recently, PSBank bagged the highest awards at the 2019 CX Asia Excellence Awards in Singapore –Gold Award for “Best Customer Experience” and “Best Digital Experience.” The Bank also received an “Award of Merit” at the 17th Philippine Quill Awards for its “Be Aware!” and “Good to Know” campaigns which are in support of the BSP’s financial consumer protection initiatives.

PSBank also released the newest version of its PSBank Mobile App. Aside from having a fresh look, the upgraded app is packed with new functionalities and services including PSBank PaSend remittance service and Mobile Check Deposit.

The Bank currently has 250 branches and 559 ATMs nationwide.

Latest News

Roque: Financing Initial COVID-19 Vaccine Supply ‘Not A Problem’

"Whether or not it’s in the budget, we have a financing scheme already in place. Kung mayroon na po tayong mabibili ngayon, makakabili na tayo ngayon kasi hindi naman po problema ang financing."

Churchgoers Thankful As Manila Raises Seating Capacity To 30%

Churchgoers from different religions express gratitude after seating capacity inside churches, mosques, and chapels in the city of Manila was raised to 30 percent from the previous 10 percent.

Mayor Abby: Makati To Implement Teaching Fellowship Program

The Makati government is set to implement a teaching fellowship program in the city's three public elementary schools for two years.

Galvez Cites LGUs’ Efforts In Managing Pandemic

"Ang maganda po sa ating mga LGUs po ngayon ay talagang 'pagka kailangan nila ng tulong ay talaga pong tumatawag po sila... They are working hard para at least ma-manage po ang ating — ang ating ano po ang ating tinatawag nating ‘yung mga kaso."

VP Leni Visits the OVP Community Learning Hub in Barangay Pinagbuhatan, Pasig City

Pasig City Mayor Vico Sotto accompanies Vice President Leni Robredo as they meet the volunteer tutors for the hub, as well as one of the parents and her children who have signed up for this assistance.

Mayor Isko Implements Shorter Curfew Hours

Manila City moves the curfew hours from midnight to 4 a.m.

Bello: 4K OFWs Stranded Due To PhilHealth Issue With PRC

Here's how the Philhealth issue affects Filipinos during the pandemic:

BSWM Seeks Fund To Boost Rainwater Harvesting For Farmers

The Bureau of Soils and Water Management of the Department of Agriculture is awaiting the release of fresh funds for more rainwater harvesting-related projects nationwide this year.

Ricky Lee Reveals Storytelling Secrets And Journey In iWant TFC’s ‘Trip To Quiapo’

Calling aspiring filmmakers! Enhance your storytelling skills with the "Trip To Quiapo" docuseries, exclusively on iWant.

Use Of Skyway 3 Free For A Month In Time For Holidays

Skyway 3 is slated to open this December! As a way to celebrate the holidays, the San Miguel Corporation is committed to let motorists use the entire 18-kilometer expressway from Buendia to NLEX for free.