PNB books higher net income as revenues increase

PHILIPPINE National Bank (PNB) saw its net income rise by 25.79% to P6 billion in the third quarter from P4.77 billion, backed by higher revenues.

This brought its earnings for the first nine months to P18.51 billion, up by 22.91% from P15.06 billion a year prior on the back of an 8% increase in its revenues, it said in a disclosure to the stock exchange. Its financial statement was unavailable as of press time.

The bank’s net interest income increased by 8.68% to P13.53 billion in the third quarter from P12.45 billion.

Its net service fees and commission income also went up by 7.69% to P1.4 billion from P1.3 billion.

Meanwhile, other income declined by 36.93% to P1.11 billion from P1.76 billion amid lower gains from trading and investment securities and foreign exchange.

This brought PNB’s total operating income for the third quarter to P16.05 billion, rising by 3.48% from P15.51 billion a year prior.

On the other hand, the bank’s operating expenses climbed by 8.55% to P8 billion from P7.37 billion.

PNB’s total assets stood at P1.25 trillion at end-September, with total liabilities at P1.02 trillion.

Total equity was at P233.99 billion.

“We expect steady business growth with a strong plan in place to grow corporate, commercial and consumer businesses. The bank’s plan for digitalization will further expand opportunities across all areas of the business as the bank prepares itself for advancing innovations that will prioritize improving service to the bank’s customers,” PNB President Edwin R. Bautista said in a statement.

“The bank is now harvesting the benefits from focusing on the improvement in the quality of the lending portfolio through deliberate acquisition of quality customers and improvements in the credit and lending processes and policies,” PNB Chief Financial Officer Francis B. Albalte said.

The bank’s shares rose by P1.10 or 2.17% to end at P51.70 apiece on Monday. — AMCS