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PSBank receives highest credit rating

MANILA–Philippine Saving Bank (PSBank), the consumer and retail banking arm of the Metrobank Group, was assigned an Issuer Credit Rating of PRS Aaa (corp.), with a Stable Outlook, by local credit rating agency Philippine Rating Services Corporation (PhilRatings).

The rating reflects PSBank’s strong market position, highly-experienced management team, and sound capitalization and aggressive provisioning, which, among others, are seen to temper the pandemic’s impact on its loan portfolio.

As the highest Issuer Credit Rating, a PRS Aaa (corp.) evaluation signifies that a company has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. On the other hand, a Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.

“We are honored to be recognized once again with PhilRating’s highest credit rating. Not only is it a testament to our creditworthiness and stability as a bank, but is also a welcome sign that we are managing the business well, and maintaining our resilience to weather the challenges for our people and customers,” says PSBank President Jose Vicente Alde.

Based on data from the Bangko Sentral ng Pilipinas, PSBank ranked first among thrift banks based on capital of P33.6 billion. It was also the country’s second largest thrift bank in terms of assets (P239.3 billion), deposits (P183.7 billion), and loans and receivables, net (P161.8 billion), as of end-March 2020.

Furthermore, PSBank has a solid franchise in the consumer loans market and is a strong player in the auto loans segment. It holds an 18% share of the thrift bank sector’s portfolio for 2019, an improvement from its 16.9% market share in 2018.

Moreover, PhilRatings cited PSBank’s experienced management team as a strong pillar of support for the bank. In particular, it noted Alde’s strong background in Information Technology, Treasury, and Bank Operations which helps the bank thrive especially now that digital banking is seen to continue to increase in importance.

Prior to the COVID-19 pandemic and the ensuing lockdowns, PSBank has laid the groundwork and achieved notable progress in the implementation of its digital transformation. Its continuous digitalization of products and services, channels (PSBank Mobile App and PSBank Online), and processes (via branch or online banking) are intuitively-designed to adapt to changes in consumer behavior, enhance customer experience, and improve operational efficiency.

More importantly, keeping the banks’ digital channels robust and future-ready is inherent to its commitment of encouraging customers’ digital adoption and meeting their ever-evolving demand for personalization and convenience–all while enabling access to their finances despite restrictive movements and heightened safety protocols.

“This exemplary credit rating further motivates us to serve our customers better, using the right channels, and coupled with relevant products and services so they continue to benefit from our simple lang, maasahan banking promise,” adds Alde.

As a recent example, PSBank also announced that it is extending its waiving of fees for PesoNet and InstaPay transactions made via the PSBank Mobile App until further notice. This move aims to further encourage digitally-inclined and new account holders to maximize the use of digital payments in the new normal.

For more information, visit psbank.com.ph or facebook.com/psbankofficial. (PR)

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