Tycoon Lucio Tan-led Philippine National Bank (PNB) grew its net profit by 30 percent year-on-year in the first quarter and breached the P1-trillion milestone in total resources.
Consolidated net income in the first three months amounted to P1.9 billion compared to P1.5 billion reported in the same period last year due to higher interest earnings and treasury gains.
Total resources reached P1.03 trillion at the end of March, up by P176 billion or 21 percent compared to the year-ago level.
The bank continued to ride on the growth trajectory of the Philippine economy, PNB president and chief executive Wick Veloso said. “We see a lot of activity in many of our branches nationwide. Robust corporate and consumer business is expanding and asset quality remains to be strong,” he said.
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“The growth of the economy continues to be solid and PNB is well positioned in key growth areas around the archipelago to capture more opportunities,” Veloso said, noting PNB’s business activities in support of ongoing and economy-boosting infrastructure buildup. “We are committed to doing things in a more efficient way,” he said.
The growth in operating income was driven by improvements in net interest income and trading and foreign exchange gains. The bank’s net interest income rose increased by 11 percent year-on-year to P7.1 billion in the first quarter on the back of expansion in customer loans and trading and investment securities.
