PNB first half net income up 126% as March merger proves beneficial

Philippine National Bank (PNB) continued to make inroads in financial performance, its first half net earnings up 126 percent to P5.3 billion year-on-year.

 

The first semester results include the earnings of Allied Bank Corp., which was consolidated into the books of PNB following a merger last March, the bank said in a disclosure to the Philippine Stock Exchange on Thursday.

 

Total operating income reached P15.4 billion, 77 percent higher than the previous year, buoyed by significant trading gains of P5.7 billion. 

           

Net interest income expanded by 59 percent to P5.9 billion. Interest income on loans went up to P6.3 billion on to improved volume, stronger hold on prime corporate customers, and the expansion of  consumer loans business.

 

Net loans and receivables climbed by 82 percent to P238.7 billion while net service fees and commission income rose 28 percent to P1.2 billion.

 

Consolidated risk-based capital adequacy ratio(CAR) has consistently exceeded the minimum regulatory requirement of 10 percent with total CAR at 21.6 percent, the bank noted.

 

PNB raised P5 billion from a public offering of long-term negotiable certificates of deposit.

 

With the PNB, AlliedBank merger completed, both banks owned by tobacco and beer magnate Lucio Tan emerged as the fourth largest private domestic bank in terms of total resources with a distribution network of 655 domestic branches and offices and 826 ATMs nationwide under surviving entity PNB. — VS, GMA News