The bank’s net interest income, which makes up 83 percent of total operating income, surged 11 percent to P49.3 billion, propelled by a 13 percent growth in interest income and a 7 percent increase in current and saving account deposits that now represent 84 percent of its deposit liabilities.
Management’s view
“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 P. Casuela.
“The bank’s performance indicates that our strategic initiatives are gaining traction that will solidify our market position among the leading banks,” he added.
Beakdown of results
PNB’s net interest margin expanded to 4.5 percent, while fee-based income grew 4 percent to P5.5 billion, reflecting increased transaction volumes.
Trading and foreign exchange gains added P1.8 billion, up 3 percent, while asset sales contributed P2 billion, with non-core income rising 31 percent after adjusting for one-time gains.
Operating expenses grew 4 percent to P29.6 billion, keeping the cost efficiency ratio at 49.6 percent, as total assets increased 4 percent to P1.3 trillion and equity climbed 13 percent to P216.6 billion.
With a common equity tier 1 Ratio of 19.21 percent and a capital adequacy ratio of 20.10 percent, PNB remains financially strong and well-positioned for continued growth.
