PNB nets P10.3B in H1 2024

Lucio Tan-led Philippine National Bank (PNB) saw its net income grow by over 5% in the first half of 2024.

In a disclosure to the Philippine Stock Exchange, PNB reported a net income of P10.3 billion, up 5.6% from 9.74 billion booked in January to June 2023.

The bank said its six-month net interest income grew 11% year-on-year to P24.03 billion from P21.61 billion a year earlier, “driven by a 17% increase in interest income earned from its loan portfolio and treasury assets, due to high interest rates combined with increased volume.”

PNB said it set aside additional credit provisions of P2.1 billion during the six-month period.

As of June 30, 2024, the bank said its total consolidated assets stood at P1.26 trillion, 4% higher than the end-December 2023 balance on the back of growth in loans and treasury assets.

“PNB’s performance has been on an upward trajectory since the start of the year, and we attribute this to the sound execution of our strategies and growth initiatives,” said PNB president Florido Casuela. —VBL, GMA Integrated News