Philippine National Bank, the sixth-largest lender in terms of assets, said Thursday consolidated net profit rose 14 percent in 2017 to P8.2 billion from P7.2 billion in 2016.
Net interest income increased 13 percent from 2016, driven mainly by a 17-percent expansion in loan portfolio to P502.1 billion.
Total deposits increased 12 percent or P67.4 billion, to P637.9 billion. Net service fees and commission income went up 16 percent, fueled by growth in loan and deposit-related services and improved investment banking fees.
The bank also booked higher net gains on disposal of foreclosed properties at P3.9 billion in 2017 compared to P2.5 billion in 2016, in line with its continuing strategy of reducing non-earning assets.
Trading and foreign exchange gains went down 22 percent. Operating expenses, excluding provisions for impairment and credit losses, increased 7 percent over the same period a year ago.
Consolidated resources hit P836.2 billion as of end-2017, up by P82.2 billion or 11 percent from 2016.