PNB Savings Bank, the thrift bank arm of the Philippine National Bank, posted a net income of P459 million in 2017, up 51 percent from P305 million in 2016.
The bank said in a statement Monday the core business sustained the profitability with net interest income rising 43 percent to P2 billion, driven by the 42-percent growth in total loan portfolio to P43.6 billion on strong consumer lending business.
Consumer loans accounted for 83 percent of total loans as PNB Savings Bank performed well its role as the consumer lending arm of PNB.
Total resources expanded to P51.6 billion at the end of 2017, up 39 percent from P37.0 billion registered a year ago, funded mainly by growth in deposits. Total deposits reached P37.3 billion, up 54 percent from a year ago.
“Our CASA (current accounts and savings account)and time deposit products continue to attract new customers and fresh funds given its competitive pricing compared to the equivalent product lines of our peer banks, not to mention the unique value-added benefits that come with our products,” PNB Savings Bank president Jovencio Hernandez said.
“An example would be our Power Saver Account product, a tiered, high interest earning savings account that is bundled with free telemedicine services and life and accidental death insurance. The additional services are available for Power Saver accounts with a minimum average daily balance of P25,000,” he said.
He said the free telemedicine services gave customers instant access to Philippine-based licensed doctors for consultations, diagnosis and treatment of non-emergency related concerns. The free life and accidental death insurance offers up to 5 times the account’s previous month’s average daily balance.
