PSBank nine month profit up 1% to $35.72mn

The lender's loans and investments interest revenue soared to $19.15mn, offsetting a decline of $19.15mn in trading income.

Philippine Savings Bank, the thrift bank arm of the Metrobank group, posted a 1-percent increase in nine-month net profit to P1.55 billion ($35.72 million) from a year ago as higher earnings from loans and investment made up for the the January-to-September results translated into an annualized return on equity (ROE) of 16 percent and earnings per share of P6.44 for the interim period, the bank disclosed to the Philippine Stock Exchange on Friday.

Loans and investments interest revenue rose by P880 million, offsetting a decline of P831 million in trading income.
The growth in interest earnings was driven by a 12-percent expansion in customer loans and 15 percent growth in investments.

The increase in earning assets was supported by a 16-percent expansion in deposit base to P14 billion.

“While our nine-month results were just slightly ahead of last year’s performance, we are pleased with the performance as it reflected good growth of our core business. The results reflected progress in building our presence in the consumer segment as we saw consumer loans growing by 12 percent,” PSBank president Pascual M. Garcia III said in a statement.

View the full story in Philippine Daily Inquirer.