PHILIPPINE SAVINGS Bank’s (PSBank) net income rose by 15% year on year to a record high in 2024, backed by strong loan growth and better asset quality.

The thrift banking arm of Metropolitan Bank & Trust Co. posted a net profit of P5.21 billion in 2024, up from P4.53 billion in 2023.

This translated to a return on equity of 12.4%, up from 11.7% the year prior.

“The robust double-digit growth in loans, coupled with significant improvements in asset quality, fueled the bank’s outstanding financial performance,” PSBank said.

“Our record-high performance reflects our commitment to sustainable growth and quality, and the unwavering trust of our clients. Looking ahead, we expect to capitalize on the growing and evolving needs of consumers,” PSBank President Jose Vicente L. Alde said.

The bank’s financial statement was unavailable as of press time.

PSBank’s core revenues, which include net interest income, service fees and commissions, went up by 4% year on year to P14.11 billion.

Meanwhile, operating expenses increased by 4%.

“Increase in operating expenses remained under control… as the bank pursued its cost optimization strategies,” PSBank said.

Gross loans expanded by 15% year on year to P144 billion at end-2024 amid strong demand from both the consumer and commercial segments.

“Despite the expansion in loan portfolio, the bank was able to keep its gross nonperforming loans ratio in check at 2.6%, better than 3.3% a year ago,” it said.

On the funding side, deposits with the bank totaled P165 billion.

The bank’s assets stood at P216 billion at end-2024.

Capital funds rose by 10% to P44 billion. Its capital adequacy and common equity Tier 1 ratios were at 23.6% and 22.5%, respectively.

PSBank shares slipped by five centavos or 0.09% to close at P58.60 on Monday. — Aaron Michael C. Sy