PNB Savings Bank, a unit of Philippine National Bank, said net income in the first half jumped 156 percent to P182.7 million from P71.4 million a year ago on the sustained strength of its core businesses.
The bank said in a statement Monday the first six months’ performance surpassed its 2015 full year net income of P167.2 million.
Net interest income increased 53 percent, driven by the sustained growth in core business as bookings on both housing and auto loans doubled. Loan portfolio stood at P23.5 billion, more than double its year-ago level.
“Despite the aggressive expansion of the lending business, the bank’s asset quality remained well-managed as gross non-performing loans ratio declined further to 2.65 percent from 4.03 percent a year ago,” it said.
The bank intensified its deposit generation as total deposits reached P18 billion, up 88 percent year-on-year from P9.53 billion. Growth in deposits was primarily fueled by the increase in long-term deposits that were matched with the long term assets of the bank.
PNBSB’s total resources as of end-June 2016 tgotaled P30.2 billion, up 44 percent. Capital base stood at P11.35 billion, translating into a double-digit capital adequacy ratio that was well above the minimum 10 percent required by Bangko Sentral ng Pilipinas.
PNB Savings Bank expanded its network by putting up four branches during the first half of 2016. The bank to date has 40 branches strategically located across Metro Manila and regional growth areas.
“To cater to more clients nationwide, PNBSB plans to open 12 more branches for the rest of 2016. The bank’s new branches carry a new look and feel in line with its rebranding efforts,” it said.