Philippine Savings Bank, the thrift bank arm of bilyonaryo George S.K. Ty?s Metrobank Group, is accelerating the expansion of its branch network to spur faster growth.

In a filing with regulators, PSBank said it plans to open at least 10 branches and 20 on-site and off-site automated teller machines (ATMs) this year.

As of the end of December last year, the bank had a total of 248 branches and 614 ATMs across the country. Capital expenditures in 2015 included expenses for four new branches, 19 new on site and off site ATMs, upgrade of bank premises including infrastructure, furniture, fixtures and equipment, IT-related activities on systems and licenses.

Bank officials said the expansion is in line with the lender?s goal to reach more customers and provide easier access to its products and services.

Given its high capitalization, strong liquidity position and robust deposit growth trend, PSBank does not anticipate encountering any cash flow or liquidity problems in the next 12 months.

PSBank ended 2015 with a net income of P2.35 billion, slightly higher than the P2.32 billion recorded the previous year on the growth of its core businesses.

Net interest margins and fees from consumer loans posted double digit growth.

Total loan portfolio increased to P116 billion, fuelled by the growth of its auto and mortgage lending businesses, which recorded a combined annual increase of 24 percent. This was aided by a 15 percent growth in total deposits.

The bank focused on new customer acquisition and active cross-selling in line with its commitment to provide customers with products that cater to their banking needs.

Aggregate assets grew 16.29 percent to P169.3 billion.