PBCOM rakes in P718M with bigger retail lending
A growing consumer market helped this bank make good gains in 2017.
The Philippine Bank of Communications (PBCOM) said increased lending activities brought in a consolidated net income of P718.7 million for the year.
“Robust growth in the parent bank?s lending activities and supported by its deposit-taking activities, sustained the momentum from 2016,” the bank said in a disclosure.
Total loans grew to P53.4 billion, with the share of consumer finance growing to 24 percent. Still, corporate and middle-market clients accounted for the bulk at 76 percent.
Interest income grew by a tenth to reach P3.2 billion, PBCOM said.
Meanwhile, deposits grew by 23.7 percent to reach P5.3 billion, majority of which are low-cost deposits.