Philippine Saving Bank , the thrift banking arm of the Metrobank Group, grew its net income by 18 percent for the first half of 2023 to P2.17 billion from P1.84 billion in the same period last year. In a disclosure to the Philippine Stock Exchange, the bank said this resulted in a higher return on equity of 11.4 percent compared to 10.4 percent in the first six months of 2022.
This was primarily driven by the 21 percent increase in auto loans owing to the steady influx of demand for vehicle financing. Despite the portfolio increase, gross non-performing loans dropped by 11 percent resulting in a NPL ratio of 3.5 percent, better than pre-pandemic levels.The bank's total resources stood at P235 billion while total deposits reached P187 billion by mid-2023.Capital improved by 7 percent to P39 billion with Total Capital Adequacy Ratio at 24.