PNB Reports 10% Increase in First-Quarter Earnings
Philippine National Bank (PNB), owned by tycoon Lucio Tan, announced a 10% increase in its first-quarter earnings, reaching P5.3 billion. This growth was attributed to slight gains in its loan portfolio and better yields, according to a stock exchange filing on Thursday.
The core income of PNB for the January to March period grew by 7% to P12.9 billion. The net interest margin also rose by 12% to P11.7 billion, with yields increasing by an average of 47 basis points.
Despite a marginal increase in net loans from P609 billion to P610 billion, other income declined to P1.2 billion from P3.4 billion due to the absence of a one-time gain from the sale of real and other properties acquired in the previous year.
Total assets of PNB stood at P1.2 trillion as of the end of March, showing a 1% decrease from the previous quarter. Operating expenses also decreased by 8% to P7.3 billion.
Provision for impairment losses saw a significant decline of 62% to P620 million, as the bank’s loan portfolio fully recovered from the effects of the pandemic.
“This year is exciting for the bank as we embark on expanding our reach to small and medium enterprises as well as in consumer lending,” said Francis Albalate, PNB executive vice president, and chief financial officer.
Overall, PNB’s financial performance in the first quarter of the year indicates a positive growth trajectory for the bank as it navigates the evolving economic landscape.
