PHILIPPINE Business Bank, the financial arm of the Yao Group of Companies, posted a 42-percent increase in net income in the first nine months to P670 million year-on-year on the sustained positive performance of its core businesses.
Bank president and chief executive Roland Avante said the treasury business remained a key contributor to PBB’s profitability and overall performance.
“… The strategic repositioning of our asset mix in the third quarter allows the bank to further capitalize on the movements in the global treasury market and expand its lending business to service the financing needs of our clients,” Avante said in a statement Thursday.
“We are confident that we could improve the bank’s core income through the changes we’ve implemented to streamline our account management units and support functions. We expect to end the year strong,” he said.
Net interest income grew 1 percent to ₱1.81 billion on year. Pre-tax pre-provision profit was at ₱831.2 million, while earnings before taxes reached ₱771.2 million, up 25.2 percent. The bank’s interest income from loans increased 2.2 percent to ₱1.96 billion.
