Philippine Business Bank (PBB), the financial services arm of the Yao Group of Companies, said Monday nine-month net income climbed 57.1 percent to P1.8 billion from P1.14 billion a year ago, on the back of sustained balance sheet growth.
Nine-month interest income reached P7.83 billion, marking a 16.1-percent from the previous year, the bank said in a disclosure to the stock exchange.
Core income amounted to P2.39 billion, and profit before tax was P2.25 billion.
“The bank’s financials showed remarkable performance and growth in the first nine months of 2024 earning P1.8 billion net income, an accomplishment that took PBB the full year to reach in 2023. This growth was driven by the ability to capitalize on the high-interest rate,” said Rolando Avante, vice chairman, president and chief executive of PBB.
The bank also generated trading gains of P402.0 million, boosting net income despite economic volatility.
The bank said that as of September 2024, total loans and receivables amounted to P120.6 billion, a 13.1-percent year-on-year increase.
Total resources reached P161.3 billion. On the funding side, deposit liabilities amounted to P131.9 billion as of September 2024.
Shareholders’ equity was P19.7 billion, resulting in a book value per share of P23.31, net of preferred shares. The bank’s annualized returns on assets and equity improved to 1.49 percent and 12.18 percent, respectively.
The capital adequacy ratio was 12.92 percent, and the minimum liquidity ratio was 24.55 percent, both above the regulatory requirements of 10 percent and 20 percent, respectively.
“As PBB moves into the fourth quarter of 2024, it will remain well-positioned for sustained growth and profitability. It remains steadfast in its commitment to its clients by offering products that cater to their needs. These will ensure that the Bank is ready to face future challenges while continuing to deliver value to its stakeholders,” said Avante.
PBB focuses on small and medium enterprises (SMEs), which make up 99.5 percent of total registered enterprises in the Philippines. The bank operates 158 branches nationwide.
