LUCIO Tan-led Philippine National Bank (PNB) said consolidated net income from January to September this year jumped 12 percent to P15.1 billion from P13.5 billion last year on robust growth in net interest income.
“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 in a disclosure to the stock exchange on Monday.
Net interest income grew 10 percent year-on-year, to P36.5 billion from P33 billion on the back of higher loans to customers, investments and other liquid placements along with yield improvements.
The bank said that higher interest expenses on deposits were contained by deploying deposits to fund assets with better yields.
Operating income stood at P4.1 billion, lower than that of last year, which had included gains from the sale of foreclosed assets amounting to P3.7 billion. Excluding the non-recurring gains, other operating income increased 31 percent, “boosted by superior trading income anchored on strategic positioning and timely churning of books,” PNB said.
Operating expenses were marginally up by 1 percent to P21.7 billion, with the allocating additional credit provisions of P3.7 billion for January to September 2024.
Total consolidated assets at end-September this year touched P1.2 trillion, up 2.0 percent, while total equity grew 13 percent to P210.1 billion.
PNB said that its capital adequacy and common equity tier 1 ratios stood at 17.8 percent and 13.9 percent, respectively, comfortably above minimum regulatory requirements.
PNB shares fell 0.18 percent to P27.05 each on Monday.
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