PNB H1 profit up 12% to P3.6B

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PHILIPPINE National Bank (PNB), the listed commercial bank led by businessman Lucio Tan, reported a net income of P3.6 billion in the first semester of 2015, up 12 percent from P3.2 billion a year earlier on the back of good results from its business segments.

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Operating revenues increased to P14.11 billion from P13.18 billion in the same comparable period.

Second quarter profits increased by 26 percent to P2.35 billion from P1.86 billion on year, fueled by a growing core business. Net interest income increased by 10 percent while fee-based and other incomes–excluding treasury-related incomes–rose by 19 percent.

In a statement, the bank said the improvement in net interest income, non-interest income and the performance of subsidiaries helped increase profits in January to June.

Net interest income–which accounts for 65 percent of total income–gained 2.5 percent to P8.7 billion from P8.5 billion, while non-interest income excluding trading and foreign exchange gains rose by 20 percent. Profits of subsidiaries grew by 35 percent.

The bank’s loan portfolio increased by 25 percent to P331.9 billion.

 

Asset quality improved as a result of lower gross non-performing loans (NPL) of 2.87 percent, with an NPL coverage of 119.9 percent. Its capital adequacy ratio (CAR) of 19.6 percent is well above the 10- percent minimum required by the central bank. Its Tier 1 CAR ratio is at 16.6 percent.

PNB’s consolidated assets reached P644.7 billion as of end-June. KRISTYN NIKA M. LAZO

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