PHILIPPINE Savings Bank (PSBank), the thrift-banking arm of the Metrobank Group, was ranked fifth strongest bank by balance sheet and the strongest thrift-banking institution in the Philippines.
In The Asian Banker 500 annual ranking, PSBank was included in the top 5 strongest banks in the country.
BDO Unibank took first place, followed by the Metropolitan Bank and Trust Co. (Metrobank), the Bank of the Philippine Islands (BPI) was third, then Union Bank of the Philippines followed by PSBank.
Completing the top 10 list were China Banking Corp., which took the sixth spot; BPI Family Savings Bank, the thrift bank arm of BPI was seventh placer; East West Banking Corp. was eighth, while Security Bank and Rizal Commercial Banking Corp. were the ninth and 10th strongest banks, respectively.
For the fourth consecutive year, PSBank was included in The Asian Banker’s list of strongest banks in the Philippines, affirming its commitment to deliver always the best value to its customers.
“It inspires us to continuously provide simple and reliable products and services that are responsive to their banking needs while ensuring the most pleasant and memorable customer experience possible,” PSBank President Vicente R. Cuna Jr. said. The Asian Banker releases an annual ranking of the strongest and largest banks in the Asia-Pacific region based on data gathered from bank annual reports, central banks and industry associations.
The banks were ranked based on aggregate strength score using a balanced scorecard approach which considers factors such as scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.
PSBank continues to set the trend in terms of consumer loan processing turnaround time, with credit decisions made in 24 hours for auto loans and five days for home loans. It recently launched its mobile-banking facility allowing customers to access products and services using their mobile phones and tablets. PSBank LiveChat is the first real-time chat service in the local banking industry.
PSBank posted double-digit growth in net interest income, loan portfolio and total assets. The bank noted an 18-percent increase in net interest income from P4.9 billion to P5.7 billion at end-September. Total deposits went up 22 percent from P100.2 billion to P122.7 billion, while total assets increased by 21 percent, to P151.2 billion, at end-September 2014.
PSBank reported a 41.49-percent drop in net income from P3.21 billion to P1.9 billion in the first nine months of the year.