Philippine National Bank’s first-half net income is 50-percent higher

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.

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Bianca Cuaresma graduated cum laude from the University of Santo Tomas (UST) with a degree in AB Journalism. She was with the BusinessMirror during her internship in 2012 where she was assigned at the Department of Foreign Affairs (DFA) beat. She continued to be of service to the paper after she graduated in 2013. In 2014, she was awarded as the Reporter of the Year by the paper for her coverage in the Bangko Sentral ng Pilipinas (BSP). She is a BusinessMirror reporter for 3 years now, and has covered general assignments and agencies related to banking and finance in the country.