PHILIPPINE Savings Bank , the thrift banking arm of the Metrobank Group, registered a P888-million net income for the first quarter of 2022, up 102 percent year-on-year. The surge in net income was driven by revenues from other operating income and improved asset quality.
The bank’s asset quality further improved resulting to the reduction in credit provisioning by 68 percent to P346 million from P1.1 billion a year ago. Gross non-performing loans is back to pre-pandemic levels, posting a decline of 30 percent from the same period last year.
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