PSBank Q1 net income grows by more than half

Listed company Philippine Savings Bank (PSBank)'s first quarter net income grew by more than half on the back of more consumer loans that pushed up its net interest and operating incomes. The thrift bank arm of the Metrobank Group, PSBank posted a 57-percent net income growth to P475.43 million from the year-ago level, the company told the Philippine Stock Exchange on Tuesday. Its interest income likewise grew by more than a tenth to P1.18 billion, with post-interest income from loans reaching P1.37 billion, eight percent higher than the 2009 figure. "We are seeing a significant increase in consumer loan releases in the first quarter. Auto loans had a significant growth in demand partly aided from the impact of Typhoon Ondoy," company President Pascual M. Garcia III said in a statement. Garcia also noted the improved consumer confidence this year, saying that an "orderly and credible election in May will drive consistent strong demand thru the rest of the year." The company expanded its loan portfolio by 13 percent to P49.96 billion because of an across-the-board growth in its loan products, led by auto and mortgage loans which increased by 19 percent and 9 percent, respectively. PSBank opened three branches in Cebu, Pangasinan, and Las Piñas in the first quarter, bringing its total branches nationwide to 173.--Nikka Corsino, GMANews.TV