PHILIPPINE Business Bank Inc. (PBB) said Monday that its nine-month net income had surged by 57.1 percent to P1.8 billion from P1.1 billion a year earlier, just a touch below the bank’s full-year 2023 result of P1.82 billion.
“This growth was driven by the ability to capitalize on the high-interest rate environment, effective cost management, and a 50-percent growth [in] fee-based income,” said Rolando Avante, PBB vice chairman, president and CEO.
He noted that the January-September result was an accomplishment “that took PBB the full year to reach in 2023.”
Net interest income rose 16.1 percent year-on-year to P7.8 billion while core income hit P2.4 billion and profit before tax stood at P2.25 billion.
The higher interest income was attributed to a focus on expanding the high-yielding consumer business and continued support for the small and medium enterprises sector.
“This demonstrates the bank’s resilience and adaptability, enabling it to deliver strong financial performance amidst high interest-rate pressures,” PBB said.
Total loans and receivables rose 13.1 percent to P120.6 billion while total resources stood at P161.3 billion and total deposits reached P131.9 billion.
Trading gains reached P402 million, reversing the P82.9-million loss booked in 2023, resulting in a pre-tax pre-provision profit of P2.8 billion.
Shareholders’ equity stood at P19.7 billion for a book value per share of P23.31 net of preferred shares.
The bank’s annualized return on assets and equity improved to 1.49 percent and 12.18 percent, respectively, while its capital adequacy ratio stood at 12.92 percent and minimum liquidity ratio was at 24.55 percent.
“As PBB moves into the fourth quarter of 2024, it will remain well-positioned for sustained growth and profitability,” Avante said.
“It remains steadfast in its commitment to its clients by offering products that cater to their needs,” he added.
“This will ensure that the bank is ready to face future challenges while continuing to deliver to its stakeholders.”
PBB shares on Monday dropped 1.41 percent to P9.07 each.
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