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Manila Bulletin devider Business devider Banking & Finance devider Yao's PBB improves profit to P511 M

Yao's PBB improves profit to P511 M

Published May 27, 2024 04:56 am

Tycoon Alfredo Yao's Philippine Business Bank (PBB) reported a five percent improvement in net income to P511.5 million for the first three months of the year from the P488.8 million earned in the comparative period of 2023.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said its interest income grew 14.1 percent to P2.52 billion in the first three months of 2024. Core income reached P782.5 million and profit before tax was at P679.8 million. 

Total loans and receivables reached P112.1 billion as of the first quarter of 2024 while total resources stood at P147.8 billion as of end-March 2024. On the funding side, deposit liabilities were at P119.4 billion.

“PBB showed resilience amidst the economic uncertainty, achieving a net income of ₱511.5 million in the first three months of 2024,” said PBB Chief Operating Officer Cynthia Almirez.

She noted that “the Bank's fee-based income growth of 62.4 percent played a significant role in boosting PBB's overall revenue. Fee-based income encompasses revenue streams independent of traditional interest-based transactions, offering stability and predictability amidst volatile interest rates."

“This helps PBB from the volatility inherent in interest income, enhancing the Bank’s resilience in navigating the current economic uncertainties," she also said.

Almirez noted that 2024 marks a pivotal milestone in the bank’s journey as it aims to end the year with an equity of P20 billion, bringing it a step closer to securing its universal banking license.

Transitioning into a universal bank will allow PBB to expand its products and services to include investment banking, wealth management, and bancassurance, opening up new income streams for the Bank.

By diversifying its products and services, PBB anticipates greater revenue growth, an expanded market presence, and the ability to provide more attractive returns to its investors through cash dividends. 

“PBB looks forward to the continued support of its clients, shareholders, and employees as it embarks on this exciting journey towards becoming a universal bank,” she said. 
 

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Philippine Business Bank Alfredo Yao
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