By JAMES A. LOYOLA
Philippine Savings Bank reported a 94 percent surge in its 2012 first quarter net income to P546 million as it took advantage of opportunities in its investment portfolio.
In a disclosure to the Philippine Stock Exchange, the bank said its record net income was also sup¬ported by strong growth from its loan portfolio.
“Our first quarter loan releases have exceeded our forecast. We are experiencing strong demand for loans with new mortgage loan releases growing by 32 percent versus the similar period last year,†PSBank president Pascual M. Garcia III said.
He added that, “given the strong first quarter results, we are raising our loan growth targets. Should this trend continue, we may exceed our net income target of P2.2 billion for the year.†The Bank’s gross loans expanded by 11 percent to P62.7 bil¬lion with both auto and mortgage loans posting double digit growths. Auto loans rose by 13 percent in spite of lingering supply issues due to the Thailand floods last year.
Linkback:
https://tubagbohol.mikeligalig.com/index.php?topic=49811.0
