BBS has recorded a profit of P5.6 million according to its latest financial results, a swing from the P29 million loss recorded last year. The bank credits the change in fortunes to its Pilediwa Strategy launched in 2023 which seeks to boost the bank's capabilities via innovative banking products and services.
It is the first period of profitability the bank has attained since 2018.
BBS Bank saw a 42% increase in interest income to P123 million, mainly boosted by a growth in the unsecured loan book which totalled P69 million. Loans and advances to customers topped P4.2 billion while deposits were P4.4 billion, bringing net interest income to P94 million.
The bank also saw a decrease in its Non-performing loan portfolio, which clocked in at 5.7% of gross advances to customers.
"While the Group has not yet achieved its targeted performance, it is making strides towards levels that will instil confidence amongst our shareholders and other stakeholders," BBS said.
To accelerate the bank's current growth momentum, BBS Bank plans to launch youth-focused offerings and agency banking which will seek to increase its footprint. The bank is also looking to launch a wallet and prepaid card products.