PBB net income up 57.7% in Q1

PHILIPPINE BUSINESS BANK, Inc. (PBB) saw its net income rise by 57.7% year on year in the first quarter, it said on Thursday.

PBB posted a net profit of P488.8 million last quarter, up from P310 million the year prior, it said in a disclosure to the stock exchange.

The bank said the increase came amid “strong contributions” from its risk assets.

Its financial statement was unavailable as of press time.

PBB’s first-quarter performance translated to a return on assets of 1.45% and a return on equity of 11.62%.

The bank’s core income stood at P718.5 million, while pre-tax pre-provision profit climbed by 41.9% to P827.2 million from P582.9 million in the comparable year-ago period.

Net interest income rose by 23.4% to P1.599 billion in the first quarter.

“PBB capitalized opportunities in the treasury market and generated trading gains of P108.7 million in the first three months of 2023,” PBB Chief Operating Officer Cynthia A. Almirez said.

“The bank continues to show resilience despite the global market uncertainties, domestic challenges, and interest rate hikes,” she added.

Loans and receivables grew by 15.98% year on year to P103.6 billion.

On the funding side, deposits were at P111.1 billion.

The bank’s resources stood at P134.7 billion at end-March.

Shareholders’ equity was at P16.8 billion, up by 19.18% year on year, as it raised P1.75 billion in fresh capital from a private placement and stock rights offering.

“This will better position the bank to capitalize on market opportunities and enhance its ability to grow its loan and investment securities portfolio to act as a foothold in generating higher income for 2023,” Ms. Almirez said.

PBB’s capital adequacy ratio stood at 13.56% in the first quarter, while its minimum liquidity ratio was at 21.77%.

The bank’s shares declined by 12 centavos or 1.56% to end at P7.56 apiece on Thursday. — AMCS