Philippine National Bank (PNB) has announced a significant 19% increase in its consolidated net income, reaching P13.5 billion for the first nine months of 2023. This impressive growth is mainly due to the expansion in core lending and fee-based operations.
The bank’s net interest income surged by 23% to P33.0 billion, propelled by increased loan volumes and a higher net interest margin of 4.2%. Gross loans escalated to P635 billion, a 4% rise, driven by growth in corporate, commercial, and retail lending.
The bank also reported a 5% increase in deposit liabilities, as it continued to enhance its CASA portfolio and offer competitive deposit products. Net fee-based income grew by 21%, thanks to higher transaction volumes. Despite limited trading opportunities, treasury-related income improved by 36%.
PNB managed to reduce its operating expenses by 4% to P21.4 billion, reflecting prudent spending amidst growth. The bank’s total assets increased to P1.18 trillion, a 3% rise, with total equity expanding by 10%. The bank’s Capital Adequacy Ratio stood at 16.6%, well above the regulatory requirement.
President Florido P. Casuela emphasized PNB’s focus on profitability and customer responsiveness. The bank also received several accolades, including the “Philippines Digital Experience of the Year – Banking” at the Asian Experience Awards 2023 for its innovative PNB Digital App.
Full story first published by PhilippinesToday.ph