Philippine Business Bank, a subsidiary of the AMY Group owned by businessman Alfredo Yao, said Wednesday net income in the first half surged 40.1 percent to P869.2 million from P620.3 million in the same period last year.
PBB said in a disclosure to the stock exchange it observed sustained growth across its business segments. Net interest income expanded 26.6 percent year-on-year to P3.16 billion, while core income reached P1.408 billion.
Pre-tax pre-provision profit in the first half went up 28.3 percent to P1.513 billion from P1.179 billion a year ago.
Total resources rose 10.6 percent to P137.2 billion from P124.1 billion a year earlier, while loans and other receivables increased to P103.8 billion from P97.2 billion. Total deposits reached P112.3 billion.
Total equity also improved by 26.3 percent to P17.1 billion from P13.6 billion.
Headquartered in Caloocan, PBB is one of the top savings banks that cater to corporate and small and medium enterprises markets. Julito G. Rada