PNB nets P21.2B in 2024, up 18%

Listed Philippine National Bank (PNB) saw a double-digit increase in its bottom line in 2024 on that back of strong performance across its lending and investing business.

In a disclosure to the Philippine Stock Exchange on Wednesday, PNB reported a consolidated net income of P21.2 billion, up 18% year-on-year “as a result of sustained effort in strengthening the bank’s core business.”

“2024 marks another milestone for the Bank as our net income continued its growth trajectory on the back of robust net interest income, prudent expense management and lower credit provisions,” said PNB president Florido Casuela.

The bank said that its net interest income grew by 11% to P49.3 billion driven by increased lending and investment activities combined with higher yields.  

PNB added that its fee-based business grew by 4% to P5.5 billion, which is attributed to increase in the volume of transactions covering loans, credit cards, deposits, and trade.

“We are very pleased with what the Bank has achieved in terms of its financial results, which, in particular, showed a solid core income as the driver for the Bank’s bottomline,” said PNB president Florido Casuela.

PNB also reported that its total assets amounted to P1.3 trillion as of December 31, 2024, up 4% year-on-year buoyed by higher loans and investment portfolio. — Ted Cordero/RSJ, GMA Integrated News