Yao’s Philippine Business Bank reports P1.8B profit in 2023

Tycoon Alfredo Yao’s Philippine Business Bank saw a significant increase in its net income, reporting P1.82 billion for 2023 or a growth of over 39 percent.  

PBB chair Jeffrey Yao

In a stock exchange filing, the lender said net interest income rose to P6.4 billion, up 15.8 percent from the previous year, contributing to a core income of P3.1 billion.

Pre-tax pre-provision profits also saw a notable increase of 26.5 percent, reaching P3.4 billion while profit before tax grew by 25.6 percent to P2.3 billion.

“The Bank is consistently upgrading capabilities for the future. Senior management believes that the Bank’s approach of further strengthening its dominant position in the [small and medium size enterprise] market, and sustaining its growth momentum,” said Cynthia Almirez, the bank’s chief operating officer.
About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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