spot_img
28.6 C
Philippines
Friday, March 29, 2024

PNB’s profit doubled to P5.4-billion in 6 months

- Advertisement -

Philippine National Bank, the fifth-largest lender and controlled by airline and tobacco tycoon Lucio Tan, said consolidated net income in the first half of the year doubled to P5.4 billion from P2.7 billion a year ago on the strength of core businesses.

The bank said in a statement the 50-percent growth in total operating income provided the momentum for the strong performance, as core income combined with higher non-recurring revenues significantly increased. 

Comprising almost two-thirds of the total operating income, the bank’s net interest income jumped 27 percent to P13.1 billion from the year-ago level of P10.3 billion, driven by higher loan volumes and improving net interest margins. 

Net service fees and commission income reached P1.68 billion, up to P61 million from the year-ago level, boosted by improvements in credit, deposit, and bancassurance fees, which offset the lower underwriting and investment banking revenues. 

- Advertisement -

LATEST NEWS

Popular Articles