Philippine National Bank, the fifth-largest lender in terms of assets controlled by tycoon Lucio Tan, said consolidated net income surged 67 percent in the first nine months to P7.5 billion from a year ago.
PNB said in a statement Thursday the strong performance was led by the 36-percent growth in total operating income.
Comprising almost two-thirds of total operating income, the bank’s net interest income grew 24 percent to P20 billion from P16.2 billion a year earlier, driven by higher loan volumes coupled with improving net interest margins.
Net service fees and commission income reached P2.5 billion, or P142 million better than a year ago. Trading and foreign exchange gains went down to P1.42 billion, given muted trading opportunities brought about by the continuing upward movement of interest rates.
The bank booked higher net gains on disposal of foreclosed properties at P4.6 billion during the period as a result of its continuing strategy of reducing non-earning assets.
PNB said excluding these non-recurring gains on the sale of foreclosed assets, the growth in total operating income remained high at 18 percent year-on-year.
