PSBank reports 14% net income growth in 2012

Attributes it to increases in loans and investment portfolio.

Philippine Savings Bank’s net income rose to US$57 million in 2012 from US$49 million year-on-year. The bank also traced its net income growth to a net interest income of US$120 million and other operating income of US$91 million.

The bank’s total loans grew 21% to US$1.8 billion on the back of increased consumer confidence and sustained economic growth. Auto loans rose 24% in 2012 compared to the year before, while mortgage loans grew by 19%.Return on equity rose to 17.6% last year.

President Pascual Garcia III said 2012 was a banner year for PSBank. He said the bank saw a 36% increase in consumer loan releases driven by both the auto and mortgage businesses.

“Our nation’s 6.6-percent economic growth, coupled by our improved market penetration, contributed to exceptional increases in loan releases, especially for the consumer segment,” he noted.

PSBank opened 20 additional branches last year, bringing its branch network to 220. It also expanded its ATM network and now has 532 onsite and offsite ATMs.