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PSBank Q3 net income jumps 20% on fees

PHILIPPINE Savings Bank (PS Bank) posted a 20% increase in profits to P813 million in the third quarter from a year earlier, boosted by interest and fee-based income, according to a stock exchange filing on Friday.

This brought the nine-month net income to P2.2 billion, 8.4% higher than a year earlier.

Core revenue rose 9.3% year on year, composed of interest and fee-based income. Return on assets was at 1.2%, the thrift lender said. Net interest income rose 3.9% to P2.922 billion.

Total loans grew 6.4% from a year earlier to P162.1 billion, buoyed by auto and mortgage loans.

“The encouraging results we’ve reaped are underscored by a bank-wide mindset built on purposeful innovations, enhanced operational efficiencies, and firm decisions backed by data analytics and better understanding of our customers,” PSBank President Jose Vicente L. Alde said in a statement.

“As we enter the homestretch of 2019, we are even more motivated by these positive developments, and continue to be inspired by our achievements and recognitions,” he added.

PSBank shares closed 10 centavos lower at P57.90 apiece on Friday. — Luz Wendy T. Noble

The post PSBank Q3 net income jumps 20% on fees appeared first on BusinessWorld.

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Philippines Banking and Finance: PSBank Q3 net income jumps 20% on fees
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