PSBank Q1 profit up 57% at $11mln

Lender sees surge in consumer loans to continue due to improved consumer confidence.

Listed company Philippine Savings Bank (PSBank)'s first quarter net income grew by more than half on the back of more consumer loans that pushed up its net interest and operating incomes.

The thrift bank arm of the Metrobank Group, PSBank posted a 57-percent net income growth to P475.43 million ($10.61 million) from the year-ago level, the company told the Philippine Stock Exchange.

Its interest income likewise grew by more than a tenth to P1.18 billion ($26.33 million), with post-interest income from loans reaching P1.37 billion ($30.56 million), eight percent higher than the 2009 figure.

"We are seeing a significant increase in consumer loan releases in the first quarter. Auto loans had a significant growth in demand partly aided from the impact of Typhoon Ondoy (Ketsana)," company President Pascual M. Garcia III said in a statement.

View the full story in GMA News.