PSBank nets lower net income in 2020 due to loan loss buffer

PSBank nets lower net income in 2020 due to loan loss buffering


PSBank nets lower net income in 2020 due to loan loss buffering
By TED CORDERO, GMA News
Published March 5, 2021 6:24pm
Philippine Savings Bank (PSBank) took a hit in 2020 as it booked lower year-on-year net earnings as it hiked buffers for potential loan losses amid the COVID-19 pandemic.
In a disclosure to the Philippine Stock Exchange on Friday, PSBank said it ended 2020 with a net income of P1.108 billion, 63% lower than the P3.03-billon profits in 2019.
The lower bottomline came after the bank set aside additional loan loss provisions of P6.40 billion in view of the ongoing pandemic conditions.
Excluding provisions, PSBank’s operating income surged by 31% to P7.45 billion in 2020.

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