PNB Q1 NET INCOME UP 10%

The Philippine National Bank (PNB) on Thursday reported a 10% increase in its net income for the first quarter of the year, as the lender posted a wider portfolio and improved yields during the period.

In an emailed statement, PNB said its first-quarter net income rose to P5.3 billion while its core income increased by 7% to P12.9 billion as its net interest margin climbed by 12% to P11.7 billion.

“This is mainly due to the combined effect of the increase in the bank’s portfolio and better yields, which increased by an average of 47 basis points. The bank was also able to mitigate the effect of the higher cost of deposits and the increase in deposit volume by reducing its high-cost funding,” it said.

Operating expenses for the quarter declined by 8% to P7.3 billion, while other income fell to P1.2 billion from P3.4 billion due to the substantial sale of real and other properties acquired (ROPA) the previous year.

Provisions for impairment losses fell by 62% to P620 million, as the bank said its loan portfolio fully recovered from the impact of the COVID-19 pandemic, with the local economy continuously posting growth on track to hit pre-pandemic levels.

“This year is exciting for the bank as we embark on expanding our reach to small and medium enterprises as well as consumer lending,” PNB executive vice president and chief financial officer Francis Albalate said.

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.

Shares in PNB were last traded at P21.45 apiece, down by 25 centavos, or 1.15%, from Wednesday’s finish of P21.70.  — VBL, GMA Integrated News

 

This article PNB Q1 net income up 10% was originally published in GMA News Online.

2024-05-02T12:06:25Z dg43tfdfdgfd