Philippine Savings Bank’s (PSBank) pre-provision operating profit was up 8 percent to P1.61 billion from a year ago owing to increase in other operating income, reduction in expenses and improved margins arising from reduced cost of funds. As the bank sustained its conservative provisioning strategy with a 39 percent increase versus last year, PSBank posted P439 million net income for the first quarter of 2021. Net interest income contracted slightly by 3 percent to P3.14 billion. Cost-to-income ratio further improved to 57 percent from 69 percent recorded last quarter. Net non-performing loans ratio went down to a manageable 4.3 percent from 5.2 percent of previous quarter-end.

Source: Manila Times May 12, 2021 15:56 UTC