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Manila Bulletin devider Business devider Banking & Finance devider PBB earnings drop on lower trading gains

PBB earnings drop on lower trading gains

Published Apr 15, 2025 11:21 pm

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Philippine Business Bank reported that its net income dipped to ₱1.8 billion last year from the ₱1.82 billion earned in 2024 as lower trading offset higher core earnings.

In a disclosure to the Philippine Stock Exchange, the bank said its interest income grew 14.4 percent to ₱10.6 billion in 2024 from ₱9.3 billion in the previous year. Net interest income improved to ₱6.7 billion from ₱6.42 billion while.

Core income was at ₱3.4 billion a 10.9 perccent increase year-on-year (YoY). Profit before tax rose to ₱2.4 billion in 2024.

“PBB achieved a 14.9% year-over-year growth in its core income that covered interest income, service fees, and miscellaneous income. This growth was offset by the Bank’s trading performance which saw a reversal from the previous year,” said PBB Vice Chairman, President and CEO Rolando Avante.

He explained that, “This is because despite the overwhelming indications pointing the other way, the interest rate environment towards the tail end of 2024 turned out to be different from expectation driven mainly by geopolitical factors and events.”

Total resources totaled ₱168.0 billion as of December 2024, up ₱13.6 billion. Total net loans and receivables stood at ₱128.3 billion as of end-Dec 2024 from ₱117.6 billion in the same period last year, increased by ₱10.7 billion YoY.

On the funding side, deposit liabilities were ₱139.1 billion as of the end of 2024, up ₱12.4 billion. Low-cost deposits (CASA) ended at ₱69.0 billion, while time deposits reached ₱70.0 billion.

Shareholders’ equity was at ₱19.4 billion, equivalent to a book value per share of ₱22.89 net of preferred shares. Returns on assets and equity ended at 1.1 percent and 9.2 percent owing to net income growth. Net interest margin was at 4.3 percent.

The Bank’s capital adequacy ratio was 12.7 percent and minimum liquidity ratio at 23.0 percent in December 2024, both above the statutory requirement of 10.0 percent and 20.0 percent, respectively.

Over the last five years, despite the pandemic period, the Bank's net book value per share net of preferred shares has grown by 53.0 percent, from ₱14.96 in 2019.

“For 2025, PBB will intensify its focus more on the profitability of its core lending business. The Bank will employ the two-pronged approach of strengthening its operational capabilities and efficiency and growing its higher-margin business in selected consumer loans. These are expected to position the Bank for sustainable growth and profitability,” said Avante.
 

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