Philippine Savings Bank (PSBank) reported a net income after tax of P893 million as of third quarter of 2009, or 23 percent more compared to the same period last year.

The Bank’s net interest income continued to be strong, rising 30 percent to P3.48 billion on a year-on-year basis with improvements coming from its lending business as well as its government securities investments.

Higher trading gains allowed PSBank to post positive results for its non-interest income which rose by P214 million to P1.14 billion in the third quarter of 2009.

PSBank also set aside additional loan loss provisions of P802 million during the period or 108 percent higher than the P386 million total provisions in September 2008. As a result, the Bank’s provisioning coverage improved to 74 percent as of September 2009.

The Bank continues to grow its core business and is on track in hitting its year-end target despite the devastating effects of typhoons that affected NCR, Central and Northern Luzon.

PSBank’s loan portfolio continued to post gains over the past nine months, registering an 18 percent expansion to P47.33 billion as of September 2009. Auto loans grew by 12 percent while mortgage and personal loans were higher by 10 percent and 8 percent, respectively.

The Bank’s active participation in recent corporate issuances has allowed its loan portfolio to expand significantly.

Despite this, PSBank said it has sustained its focus on consumers, which corners approximately 80 percent of its portfolio, by continuing to provide efficient and creative banking solutions through wider distribution network.

PSBank ended September 2009 with 170 branches and 285 ATMs nationwide and this expanded presence has enhanced its deposit base, which totaled P69.93 billion in end-September 2009, 24 percent higher than the P56.21 billion posted in September 2008.

In the third quarter of the year, there was a 26 percent increase in Bank’s peso deposits while dollar deposits were higher by 21 percent.

PSBank’s total assets rose to P86.90 billion as of September 2009 while capital was registered at P10.94 billion. The Capital Adequacy Ratio (CAR) of the Bank was placed at 14.73 percent while its ROAE was at 12.27 percent.