PHILIPPINE National Bank (PSE: PNB) registered a consolidated net income of P13.5 billion for the first nine months of 2023, 19-percent higher compared to its earnings for the same period last year.
The stronger performance year-on-year was attributed to the growth in the bank’s core lending and fee-based operations.
Gross loans amounted to P635 billion as of end-September 2023, up 4 percent from the end-December 2022 level on the back of the bank’s sustained growth in corporate loans and expanded reach to the commercial and retail lending spaces.
Deposit liabilities, on the other hand, increased by 5 percent as the bank continued to build up its CASA portfolio while offering other deposit products with competitive rates.
Net fee-based income, likewise, grew by 21 percent year-on-year, buoyed by higher volumes of lending and deposit-related transactions.
Image credits: Patrick Roque/CC BY-SA 4.0)