PNB income leaps to P7.5B
Better interest income and a big-time asset disposal spelled bigger profits for this bank.
The Philippine National Bank (PNB) registered a P7.5 billion consolidated net income for the first nine months of 2018, up by a whopping 67 percent from a year ago.
In a disclosure, the bank owned by bilyonaryo Lucio Tan said the bigger bottom line was drawn from a 36 percent jump in total operating income.
Income from loans reached P20 billion due to higher loan volumes and higher margins, while service fees added another P2.5 billion.
These offset lower trading and foreign exchange gains, which amounted to P1.42 billion. A bonus for this year was P4.6 billion raised from the sale of foreclosed properties held by PNB.
Without it, income would still be 18 percent higher year-on-year, even as operating expenses also grew by 16 percent.
PNB’s loan portfolio grew to P550.7 billion, while deposits are up to P692.8 billion.