Philippine Savings Bank (PSBank), the thrift bank arm of the Metrobank Group, reported a 30 percent jump in net income for the first semester of the year to P807.6 million.

In a disclosure to the Philippine Stock Exchange, the bank said its net revenues grew by 21 percent to P3.7 billion due to higher loan portfolio and stronger trading profits.

PSBank’s total assets increased by 7 percent to P89.9 billion as its loan portfolio expanded by 15 percent to P52.2 billion.

Income from loans rose to P2.8 billion on account of improved earnings across its auto, mortgage and SME businesses.

Auto loans posted the highest growth of 21 percent which is consistent with the auto industry sales trend and buoyed by high consumer confidence. Mortgage loans, its second biggest portfolio, likewise grew by 10 percent while personal loans moved up by 6 percent.

PSBank has the only loan rebate program in the market. This feature gives rebates to customers who make advance or excess loan payments.

Deposits likewise expanded by 9 percent to P74.6 billion as PSBank continues to benefit from its  various deposit generation campaigns and expanded branch and ATM network.

As of end-June 2010, PSBank had a network 175 branches and 340 ATMs nationwide. It opened a total of 5 branches and added 28 new offsite ATMs in the first half of 2010.

The Bank declared special dividends of P660.7 million or P2.75 per share last February 2010. These dividends are on top of the regular quarterly dividends of 1.5 percent or P0.15 per share that PSBank gives to its shareholders.

PSBank president Pascual M. Garcia III said he is confident that the bank will meet its net income target for the year of P1.4 billion. The bank’s audited net income for 2009 was P1.2 billion.