Philippine Savings Bank (PSBank) announced that it had registered a 14-percent increase in earnings in 2019.
The medium-sized bank earned P3 billion last year, as per the news posted online by Philippine daily newspaper The Philippine Star.
This income is considerably higher than the P2.66-billion worth of earnings in 2018. Jose Vicente Alde is the head of PSBank.
He explained the double-digit surge in the bank’s income. Alde affirmed that the second-largest thrift banking firm in the Philippines operated under a volatile environment in the past year.
Nevertheless, he pointed out that they were able to resolve their problems head-on.
Alde credited the considerable financial contributions from all the business units of PSBank that helped the company.
He remarked that the core growth strategy of the financial institution delivered positive outcomes. For 2019, Alde referred to these results as their massive victories.
The PSBank president said that they were able to concentrate on being efficient in their operations.
Furthermore, he cited that, in terms of cost discipline, they were able to make it a sustained one.
Alde relayed that they applied both of these foci across the financial organization. The top banker of PSBank also gave explanations regarding the bank’s net income progress.
Alde mentioned that this growth emanated from other operating earnings. Moreover, he said that the core net interest margin of the bank facilitated net income growth.
Advantages from efficiencies in operations supplemented these positive developments, Alde added.
Aside from PSBank’s double-digit earnings growth totaling to 14 percent, the financial services provider posted P14.6 billion in revenue last year.
These figures indicated that the bank’s revenues rose by 2.8 percent.
Moreover, these numbers exhibited an increment from 2018, when the financial company earned P14.2 billion.
PSBank reportedly intends to make its financing base more diversified. It wants to expand its consumer banking venture as well.
Hence, the Philippine thrift bank has launched a financing scheme worth P40 billion. It aims to provide itself a chance to get access to funding for the long haul.
The financial services provider presently has 557 ATMs strategically built all over the Philippines.
In addition, it has 250 branches nationwide. On Tuesday, March 3, 2020, Philippine Savings Bank (PSE: PSB) closed at P50.40 per share.
This last trade price of the bank’s stock is up by P0.40 or 0.80 percent from its previous close. Furthermore, the total value turnover reached P24,865.00.
The Philippine Stock Exchange recorded the 52-week high of PSBank at P63.50. Meanwhile, its 52-week low is at P49.00.
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