PNB first half profit down 28%
Philippine National Bank reported a net income of P3.9 billion in the first six months, down 27.78% from the same period last year which included a one-time gain from the sale of foreclosed assets.
Core net earnings, on the other hand, surged 45% on sustained growth of core lending, investment and deposit-taking activities. Net interest income, increased by 13% to Php14.7 billion due to growth in interest- earning assets.
The Lucio Tan-led bank saw a 24% expansion of its asset base to P1.09 trillion as of the end of June.
“This strong growth is a clear indication that the various strategic initiatives we have put in place are gaining traction in this fast-moving economy. We have the momentum and are excited to unlock the significant revenue contribution of the forthcoming integration of PNB Savings Bank into PNB,” said PNB president and CEO Wick Veloso.
Loans and receivables, supported by the double-digit growth in loans to commercial and small and medium enterprise segments, increased by 13% to P594.1 billion.
PNB also benefited from the substantial improvements in trading gains which amounted to P968 million.