Image via WikipediaPhilippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, expects net income to hit P2 billion this year after it reported a 46 percent surge in its 2010 audited net income to P1.8 billion from the P1.2 billion recorded in 2009.
In a disclosure to the Philippine Stock Exchange, the Bank said it had breached its P1.4 billion 2010 net income target as early as the third quarter last year. Earnings this year is expected to be driven by continuing improvements in its core revenues.
The 2010 net income of the country’s second largest thrift bank is supported by the growth in assets from P93.1 billion to P104.1 billion. Of this amount, gross loans expanded by 15 percent to P55.6 billion with auto loans rising by 27 percent, mortgage loans by 11 percent and personal loans by 9 percent.
On the other hand, the Bank’s investments portfolio, contributed an increase of 13 percent to P26.2 billion.
“The Bank’s outstanding performance and growth in market share in 2010 were due to strong consumer demand, backed by product improvements and excellent customer service. Price is not the only factor that customers consider, they also look for speed in delivery, convenience and reliability,” PSBank president Pascual M. Garcia III said.
http://www.mb.com.ph/node/300716/p
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