Listed savings bank Philippine Business Bank (PBB) reported a net income of P162.0 million through the end of the first quarter of 2016, an increase of 15 percent from the P140.9 million in the same period last year.
In a disclosure to Philippine Stock Exchange, PBB said its total resources stood at P61.9 billion, loans and receivables ended at P40.8 billion, and shareholders’ equity was at P8.8 billion, up 4.3 percent year-on-year.
Its pro-forma recurring net income was up 12.3 percent to P176.2 million, while pro-forma recurring PTPP was at P235.4 million.
The bank said its recurring profit numbers include the earnings of Insular Savers Bank (ISB), a rural bank acquired by PBB mid-2015.
PBB finished the quarter with P589.4 million in net interest income.
Service charges, fees, and commissions reached P23.9 million, an 11.3 percent increase. Miscellaneous income grew 12.8 percent to P18.8 million.
During the first quarter of the year, PBB said it reorganized its lending groups to allow the bank to provide more efficient services and customized solutions for the Bank’s clients.