PNB profits hit P31.7B in 2021

Lucio Tan-led Philippine National Bank (PNB) saw its bottom line grow 12 times in 2021 compared to 2020, despite the lingering impact of the COVID-19 pandemic.

In a disclosure to the Philippine Stock Exchange, PNB reported a consolidated net income of P31.7 billion last year, 12 times higher than the P2.6-billion profit seen in 2020.

Meanwhile, core income from banking operations grew 2% year-on-year to P40.1 billion in 2021.

PNB’s interest income stood at P34.8 billion in 2021, relatively flat year-on-year, while its loan portfolio grew by 1% to P607 billion as of end-2021, while total deposits increased year-on-year by P4.6 billion, closing at P894.9 billion as of end-2021.

“PNB continued to be profitable and was able to provide non-stop banking services to customers and the general public during the pandemic,” said PNB president and CEO Wick Veloso.

"We continued to play our part in helping customers and employees by building safer banking processes and services amidst the continuing pandemic situation," he added. — VBL, GMA News