The Philippine National Bank (PNB) reported a 14-percent hike in net income to P8.2 billion in 2017, on the back of double-digit growth in both interest and fees and commission-based income.
PNB’s net interest income grew 13 percent from the previous year, driven by the growth in its loan portfolio to P502.1 billion. PNB’s total loans expanded 17 percent year-on-year.
Deposits also pitched in, growing at 12 percent, to hit P637.9 billion at year’s end.
Net service fees and commission income went up 16 percent due to high growth in loan and deposit-related services, as well as improved investment banking fees.
The bank’s strategy of reducing its non-earning assets also bore fruit, as it booked higher net gains in 2017 on disposal of foreclosed properties at P3.9 billion, up from the P2.5 billion in 2016.