PSBank relocates two branches

PHILIPPINE SAVINGS Bank (PSBank) has relocated two of its branches in a bid to tap more of its customers, it announced in a statement on Monday.

The thrift lending arm of Ty-led Metropolitan Bank & Trust Co. (Metrobank) said it has relocated two out of its 250 branches for them to be able to reach more clients.

“The relocation of our Cavite- Rosario branch and Cebu-Mango Ave. branch are in line with our goal to reach more customers and provide them easier access to our products and services,” PSBank Branch Banking Group Head and Senior Vice-President Francis C. Llanera was quoted as saying in a statement.

“With this move, we are able to provide the banking public our simple and reliable banking services,” the official said.

Currently, PSBank has a total of 250 branches located nationwide.

It also operates over 600 automated teller machines.

The listed thrift lender’s net income reached P1.18 billion in the January to June period, an uptick of 2% from the P1.16 billion booked in the comparable period in 2016, driven by an 18% increase in its core income to P6.06 billion.

The bank’s total loan book expanded to P137.01 billion in the first half of the year from the P121.35 billion recorded in the same period a year ago, primarily fuelled by its robust consumer lending activities. Its auto loans grew 20% year-on-year.

Likewise, total deposits booked a double digit growth of 32% to P183.61 billion during the six months ended June from P139.34 billion in the comparable year-ago period, with its low cost current account, savings account deposits rising by 16% year-on-year.

The bank had previously said that it is looking to book a double-digit growth in its net income for this year.

Shares in PSBank gained P1 or 1.10% to end at P92 each on Monday.