PSBank says first half earnings up 13% to P916M

Philippine Savings Bank (PSBank), the the Metrobank Group's thrift bank, on Thursday reported its earnings grew 13 percent to P916 million year-on-year. While trading gains dropped by P491 million, PSBank said its core net interest income improved by P407 million. Its core net income was helped by its loan and investment portfolio as gross loans rose 12 percent to P58.7 billion, while its auto loans expanded by 22 percent, mortgage loans by 8 percent, and personal loans also by 8 percent. "PSBank's double-digit loan growth is in spite of the challenges on the supply side of certain Japanese automobile brands and the interest rate competition on mortgage loans. We anticipate further buoyancy in consumer loan demand in the second half of the year," said PSBank president Pascual M. Gracia III. The bank said its operating expenses grew 6 percent, adding that seven new branches and 29 new offsite ATMs were established in January to June. As of end-June, PSBank recorded 187 branches and 417 ATMs nationwide. — CMA/VS, GMA News