PNB 9M net income up 12%

The Philippine National Bank (PNB), the banking unit of tycoon Lucio Tan, saw a 12% growth in its consolidated net income for the first nine months of the year, driven mainly by the higher net interest income during the period.

In an emailed statement, PNB said its consolidated net income stood at P15.1 billion. Net interest income grew by 10% to P36.5 billion, accounting for 83% of total operating income. Interest income climbed 15%.

Other operating income declined to P4.1 billion due to the non-recurring gains from the sale of P3.7-billion worth of assets in the previous year. Excluding these gains, operating income increased by 31%.

Operating expenses increased 1% to P21.7 billion, driven by higher business taxes and other business-related expenses. The bank also set aside P3.7-billion additional credit provisions during the period.

“The bank’s core revenues steadily increased as we continue to enhance our policies and processes to sustain the growth momentum of the bank’s core banking activities amidst continued economic expansion,” PNB chief financial officer Francis Albalate said.

PNB ended the third quarter with P1.20-trillion worth of total consolidated assets, reflecting a 2% growth from the same period last year.

The bank’s principal commercial banking activities include deposit-taking, lending, trade financing, foreign exchange dealings, bill discounting, fund transfers, remittance servicing, asset management, treasury operations, and retail banking, among others. — RSJ, GMA Integrated News