Higher credit provisioning pulled down Philippine Savings Bank’s (PSBank) net profit to P646.2 million in the first quarter of the year. The lender’s net interest income rose by 21.8 percent to P3.2 billion from the year-earlier figure, while net service fees reached P458.1 million. The bank said its balance sheet remained strong with a capital of P34.8 billion and total capital adequacy ratio of 17.2 percent, well above the regulatory minimum of 10 percent. “PSBank has a strong balance sheet and capital position coming into this unprecedented situation,” Alde said. “Both customer and IT (information technology) support were further strengthened to keep our online banking services available 24/7, this being the alternative banking channel during these times,” the PSBank chief said.

Source: Manila Times May 07, 2020 16:30 UTC