LUCIO Tan-led Philippine National Bank (PNB) recorded a consolidated net income of P10.3 billion for the first half of 2024, up 6.2 percent from P9.7 billion a year ago.
“The bank managed to beef up its core banking activities despite the prevailing challenges in the economic environment,” PNB said in a stock exchange filing.
January to June net interest income grew 11 percent year on year (YoY), driven by a 17-percent increase in interest income from its loan portfolio and treasury assets thanks to high interest rates and increased volume.
“The bank was able to temper the impact of higher interest expense on deposits by deploying these deposits to assets with better yields,” PNB said, adding that its net interest margin grew from 4.14 percent last year to 4.37 percent in the first six months.
“Other operating income saw a 47.77 percent decrease to P2.3 billion from P4.4 billion “mainly due to the substantial real and other properties acquired (ROPA) sale recognized by the bank a year ago.”
Despite continued business growth, PNB said it remained prudent in its spending, resulting in a 4 percent decline in operating expenses to P14.3 billion.
As of end-June 2024, PNB’s total consolidated assets stood at P1.26 trillion, or 4 percent higher than the end-December 2023 amount, on the back of growth in loans and treasury assets.
“PNB’s performance has been on an upward trajectory since the start of the year, and we attribute this to the sound execution of our strategies and growth initiatives,” PNB President Florido Casuela said.
In April, PNB and the Asian Development Bank signed a $12-million deal with Buskowitz Energy, Inc. to finance the development, construction, and operation of rooftop solar photovoltaic (PV) systems in the country for both commercial and residential buildings.
PNB also actively participated in the Bangko Sentral ng Pilipinas’ financial inclusion program, Paleng-QR (quick response) Ph Plus, which was conducted recently in Pampanga to help its clients understand and experience the benefits of using QR codes for easy and seamless transactions.
PNB shares declined by 40 centavos, or 1.64 percent, on Monday to P24 apiece.
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