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Manila Bulletin devider Business devider Banking & Finance devider PNB's robust interest income drives 12% profit growth

PNB's robust interest income drives 12% profit growth

Published Oct 28, 2024 01:05 am

The Philippine National Bank (PNB) posted a 12 percent growth in consolidated net income to P15.1 billion for the first nine months of 2024 on the back of robust growth in net interest income.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said net interest income, comprising 83 percent of total operating income, increased by 10 percent year-on-year to P36.5 billion.

This was sustained by the 15 percent growth in interest income arising from the expansion in loans to customers as well as investments and other liquid placements, combined with improvement in the yields. 

On the other hand, the higher interest expense on deposits was contained by deploying these deposits to fund assets with better yields.

“The bank’s core revenues steadily increased as we continue to enhance our policies and processes to sustain the growth momentum of the bank’s core banking activities amidst continued economic expansion,” said PNB Chief Financial Officer Francis Albalate.

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Florido P. Casuela Philippine National Bank Francis Albalate
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