PNB Savings Bank — the thrift banking arm of Philippine National Bank (PNB) — grew its net income by 50 percent in the first half of the year.
The bank reported its earnings to have hit P348.7 million in the January to June period of the year, up from the P233 million in the same period last year.
The bank’s income was driven by the 52 percent year-on-year increase to P1.4 billion as the bank’s core businesses delivered solid numbers.
Its loan portfolio, on the other hand, rose by 30 percent to P49.3 billion from year-ago level, attributing the growth to the robust consumer and business segments.
In terms of tis total assets, the bank reported a 27 percent increase to reach P56.5 billion.
The growth in asset base was funded by a 33 percent year-on-year expansion in total deposits to P41.5 billion, fuelled mainly by long-term deposits that match the bank’s long-term assets.
PNB Savings Bank’s total capital base stood at P11.815 billion, up by 2 percent. Its Capital Adequacy Ratio (CAR) for the period is at 21.88 percent. The Bangko Sentral ng Pilipinas (BSP) minimum CAR requirement is at 10 percent.
The bank also said from the current 63 branches strategically located nationwide, they are looking to expand further its network to 72 branches by end of 2018 including its “Branch of the Future” in San Juan and Branch Lites in key areas in Metro Manila, where they are eyeing to put up the latest digital facilities in a retail bank set-up.