Thursday, February 2, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

PNB’s net income grew 57% to P2.81 billion in 1st  three months

Julito G. RadabyJulito G. Rada
May 13, 2022, 8:50 pm
in Business, Corporate
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Philippine National Bank, one of the largest lenders led by tobacco and airline tycoon Lucio Tan, posted a 57-percent increase in first-quarter net income to P2.81 billion from P1.79 billion a year ago on improved net interest income and net reversals of credit provisions.

PNB president and chief executive Wick Veloso said in a statement Friday the first-quarter performance was a good indicator that the profit-making potential of PNB’s businesses continued to improve as the overall economy rebounded.

“We support the incoming leadership and will channel our efforts to help support our customers and support the rebounding economy,” Veloso said.

Net interest income stood rose 3 percent to P8.5 billion, on higher yields on loans, alongside reduced interest costs on deposits. Net interest margin increased to 3.4 percent from 3.2 percent in the same quarter in 2021.

Gross loans closed at P583.9 billion, down by 7 percent from the level last year, as the bank continued to refocus on borrowers under financially-resilient industries. Deposit liabilities expanded by 3 percent year-on-year to P869.9 billion coming from the build-up of current and savings accounts.

ADVERTISEMENT

PNB recognized net reversals of credit provisions of P394 million to consider the improvement in the credit status of borrowers of the bank who were gradually recovering from the pandemic. This was a turnaround from the prior year when the PNB wascontinuing to build its loan loss reserves to cover non-performing accounts.

Net service fees and commission income slightly declined 3 percent, on lower underwriting fees as the prior year saw the resumption of various capital market transactions and the economy re-opened beginning in the first leg of 2021.

Trading and foreign exchange gains contracted by 82 percent year-on-year as a result of the hike in benchmark interest rates during the period.
Operating expenses increased by 6 percent year-on-year on account of higher amortization costs for the leased properties of the bank where it is holding its operations. These properties were the subject of the properties-for-share swap executed in 2021.

Total consolidated resources as of end-March amounted to P1.1 trillion, primarily driven by higher investment securities and other liquid placements despite the reduction in loans.

The bank’s total equity improved 5 percent year-on-year to P161.9 billion. Capital adequacy ratio and common equity tier 1 ratio were at 14.7 percent and 14.0 percent, respectively, above the minimum regulatory requirement of 10 percent.

Tags: Lucio TanNet interest incomePhilippine National BankWick Veloso
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

DOTr gets ADB support to privatize NAIA

byDarwin G. Amojelar
February 2, 2023, 8:00 pm
0
8
Australia bares plan to remove British monarch from banknotes

By Darwin G. Amojelar The Department of Transportation said Thursday it signed three transaction advisory service agreements with the Asian...

Read more

BSP expected to increase rate by 25 bps to match Fed action

byJulito G. Rada
February 2, 2023, 7:55 pm
0
8
Policy rate kept at 2% in MB’s last meeting this year

The Bangko Sentral ng Pilipinas may be compelled to match the latest 25-basis-point hike in interest rate by the US...

Read more

ACEN unit hikes stake in Australian business for $173m

byAlena Mae S. Flores
February 2, 2023, 7:50 pm
0
8
Donation

ACEN Corp. said Thursday subsidiary ACEN Renewables International completed its acquisition of UPC Renewables Asia Pacific Holdings Pte Ltd.’s and...

Read more

Monde Nissin acquires 15% of Figaro Coffee

byDarwin G. Amojelar
February 2, 2023, 7:45 pm
0
8
Monde Nissin books P2.9-b core net income

Monde Nissin Corp. said Thursday it acquired a 15-percent stake in Figaro Coffee Group Inc. for P820.3 million. Monde Nissin...

Read more

NTC exempts Starlink from radio licensing process

byDarwin G. Amojelar
February 2, 2023, 7:40 pm
0
8
NTC orders public telcos to be on guard in areas affected by storm ‘Florita’

The National Telecommunications Commission said Thursday it approved the request of Starlink Internet Services Philippines Inc. of US billionaire Elon...

Read more

Cybersecurity advocate lauds former DICT official

byManila Standard
February 2, 2023, 7:35 pm
0
8

Former Party-list Rep. and cybersecurity advocate Francisco Ashley Acedillo commended lawyer and former undersecretary for policy and legal affairs of...

Read more

Print Edition

View More

Recent Posts

  • Ousted Albay gov seeks SC status quo ante order
  • NHA gives away homes to 216 poor families in Orion, Bataan
  • DFA turns over ATN functions to fledgling DMW
  • DOJ: 2 more complaints vs. Bantag
  • Bill on mental health likely to be approved
  • Mayor’s portrait
  • The Speaker and the new DSWD Chief
  • Protest actions

Advertisement

Latest News

Mayor’s portrait

byNorman Cruz
February 2, 2023, 10:39 pm
0
8
Protest actions

A portrait of Maria Sheilah Honrado Lacuna-Pangan by renowned visual artist and Philippine Navy Reservist CMO2 Kristine Lim PN (Res)....

Read more

The Speaker and the new DSWD Chief

byManny Palmero
February 2, 2023, 10:37 pm
0
8
Protest actions

Newly-appointed Department of Social Welfare and Development (DSWD) Sec. Rex Gatchalian pays a courtesy call on Speaker Ferdinand Martin G....

Read more

Protest actions

byManny Palmero
February 2, 2023, 10:34 pm
0
8
Protest actions

Members of Bagong Alyansang Makabayan hold protest actions at Camp Aguinaldo in Quezon City to oppose the visit of US...

Read more

Solon: Gov’t needs more SIM reg centers

byMaricel Cruz
February 2, 2023, 10:30 pm
0
8
House set to approve SIM card bill

Camarines Sur Rep. Luis Raymund Villafuerte on Thursday proposed an inter-agency panel tasked to accelerate the listing of Subscriber Identity...

Read more

‘Social costs outweigh benefits in allowing POGOs to operate’

byMacon Ramos-Araneta
February 2, 2023, 10:20 pm
0
8
House thru Speaker Romualdez has BBM Bill as priority agenda

Senator Win Gatchalian stressed that the social costs of allowing Philippine Offshore Gaming Operators (POGO) in the country outweigh the economic...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App