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Manila Bulletin devider Business devider Banking & Finance devider PBB boosts first half profit to P1 billion

PBB boosts first half profit to P1 billion

Published Aug 6, 2024 06:15 am

Beverages tycoon Alfredo Yao's Philippine Business Bank (PBB) posted an 18.8 percent growth in net income to P1.03 billion in the first half of 2024, compared to the P869.2 million generated in the same period last year.

 In a disclosure to the Philippine Stock Exchange (PSE), the bank said its core income grew 21.4 percent to P1.71 billion, and profit before tax was up 18.8 percent to P1.38 billion from P1.16 billion in the first semester of 2023. 

Interest income improved 17.2 percent to P5.18 billion in the first six months of 2024 as total loans and receivables grew 14.3 percent to reach P118.7 billion as of the first half of 2024. 

Total resources stood at P154.4 billion as of end-June 2024. On the funding side, deposit liabilities were at P126.4 billion as of the first semester of 2024.

Shareholders’ equity was at P18.4 billion, equivalent to a book value per share of P21.77 net of preferred shares. Annualized returns on assets and equity improved to 1.34 percent and 11.19 percent, respectively. 

The bank’s capital adequacy ratio was 12.66 percent, and the minimum liquidity ratio was 20.80 percent at the end of the first half of 2024, above the adjusted statutory requirement of 10 percent and 20 percent, respectively.

PBB Chief Operating Officer Cynthia Almirez said the bank performed well in the first half of 2024, which “highlights the strength of its business model and underscores its effective recovery and growth strategies following the challenging pandemic years and the ongoing uncertainty in the economic conditions.”

She noted that PBB reached the P1 billion profit milestone faster in 2024 than in previous years. In 2023 it took PBB nine months to reach P1.1 billion in net income, and eleven months in 2022.

“In the next six months, the Bank is committed to sustaining our positive income momentum by continuing to enhance our product offerings and provide innovative solutions tailored to meet the evolving needs of its clients," said Almirez. 

“The Bank is looking forward to working together with our clients, shareholders, and employees in building stronger business communities,” she added.

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Philippine Business Bank Alfredo Yao Cynthia Almirez
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