PNB Q1 net income up 60% at P308M

Lucio Tan's Philippine National Bank on Tuesday announced that its net income rose 60 percent to P308.3 million during the first quarter of 2007. In the first quarter of 2006, the lender reported a net income of P193 million. In a statement to the Philippine Stock Exchange, PNB said its performance for the first quarter puts it in a position to achieve an annual net income of P1 billion for 2007. "(This) will be a ten-year high for the bank. The last time the Bank surpassed the P1.0 billion net income level was in 1997 when it reported an annual net income of P 1.14 billion," the company said. - GMANews.TV