PHILIPPINE Business Bank (PBB), a listed bank owned by former ambassador Alfredo Yao, said on Thursday its net income declined by 46.6 percent to P536.2 million last year due to lack of industry-wide trading gains.

But their income --- excluding trading gains --- surged by 90.9 percent to 933.7 million from P444.5 million in 2013, net revenues increased by 35.9 percent to P2.5 billion, and net interest income grew by 29 percent to P2.2 billion from P1.7 billion, the bank said in a statement.

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