Taipan Lucio Tan’s Philippine National Bank booked a consolidated net income of P10.3 billion for the first half of 2024, an increase of 6 percent over the same period last year.
Net interest income increased by 11 percent year-on-year, driven by a 17-percent rise in interest income from loans and treasury assets due to high interest rates and increased volume.
The bank’s net interest margin improved to 4.37 percent from 4.14 percent. Other operating income amounted to P2.3 billion, down from P4.4 billion last year due to a substantial real and other properties acquired (ROPA) sale previously recognized.
“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,” PNB President Florido Casuela said in a statement on Monday.
“The stronger focus and collaboration of our business groups have enabled us to serve a broader part of the commercial lending and consumer finance segments,” he added.
Operating expenses declined by 4 percent to P14.3 billion due to prudent spending.
PNB also aside additional credit provisions of P2.1 billion.
As of June 30, 2024, total consolidated assets stood at P1.26 trillion, up 4 percent, with total equity increased by 6 percent, improving the capital adequacy ratio to 17 percent and common equity Tier 1 ratio to 16.2 percent.
