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Manila Bulletin devider Business devider PBB almost doubles profits in Q1

PBB almost doubles profits in Q1

Published Jun 2, 2022 03:00 pm

Philippine Business Bank (PBB) reported a 93.4 percent jump in net income to P310 million in the first quarter of 2022 from P160 million in the same period last year as core income grew to P732.3 million from P725.2 million.

In a disclosure to the Philippine Stock Exchange, the bank said its net interest income amounted to P1.3 billion in the first three months of 2022.

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“The Bank’s fee-based income also grew by 195.7% to ₱327.6 million as the Bank focused on improving its account management practices,” said PBB Vice-Chairman, President and CEO Roland Avante.

Total loans and receivables reached P89.4 billion as of the first quarter of 2022. Total resources stood at P131.1 billion as of end-March 2022 from P119.2 billion in the same quarter last year.

On the funding side, deposit liabilities were at P111.3 billion as of the first quarter of 2022, an 11.4 percent increase from March 2021’s P99.9 billion.

Low- cost deposits (CASA) grew 30.9 percent versus first quarter 2021, while time deposits reached P41.7 billion. Management of the Bank’s deposit portfolio improved deposit mix from 53:47 in the first quarter of 2021 to 63:37 in the first quarter of 2022 CASA to TD ratio.

The Bank’s capital adequacy ratio was 14.20 percent and minimum liquidity ratio at 30.72 percent in the first quarter of 2022, above the adjusted statutory requirement of 16.0 percent (from 20.0 percent).

“For the rest of the year, we are seeing strong loan growth and persistent demand from our clients for their funding needs,” said Avante.

He noted that, “As the economic conditions improve, we are expecting to sustain a healthy expansion of risk assets to continue into the latter half of the year.”

“We have previously expressed our goal of raising growth capital to further support the continued development of the Bank’s businesses and expand its business initiatives. A bigger capital base will help the Bank capitalize on opportunities we are seeing from our deal pipeline,” Avante added.

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