Business NEWS

Philippine National Bank registered a 57 percent jump in net income for the first quarter of 2022 to P2.81 billion from the P1.79 billion earned in the same period last year.

CIS Bayad Center, Inc., or Bayad, the country’s biggest and widest multi-channel payment platform, and Philippine National Bank, the fifth largest bank in the country, have partnered to make it easier for Filipinos to settle payments electronically.

Philippine National Bank reported that its net income surged to P31.7 billion last year, 12 times higher than the bottom line income in the previous year mainly due to a property-for-share swap with a subsidiary.

LT Group, Inc. (LTG) posted a 63 percent drop in attributable net income to P3.73 billion in the first half of 2021 from the P10.03 billion earned in the same period in 2020.

Investors in the local stock market will be closely watching the COVID numbers after the easing of quarantine measures in the nation’s capital while also waiting for the release of employment this week.

Philippine National Bank will be recording about P34 billion in one time earnings from its windfall from the revaluation of its low-earning but prime real estate assets.

LT Group, Inc., the investment holding company of taipan Lucio Tan, reported a 4.5 percent improvement in attributable net income to P6.49 billion in the first quarter of 2021 from the P6.21 billion earned in the same period last year.  

The stock market is seen to continue to be weighed down by the country’s COVID situation while investors will also be taking cues from the April inflation figure and corporate earnings announcements.

Lucio Tan-led Philippine National Bank said its stockholders can expect to gain from its disposal of low-earning assets through their stake in PNB Holdings Corporation which will be listed at the Philippine Stock Exchange after being distributed as property dividends. 

Philippine National Bank (PNB) is planning to issue shares of its real estate subsidiary PNB Holdings Corporation as property dividends to make it eligible for listing by way of introduction.

Philippine National Bank reported a 17 percent growth in net profit before provisions for impairment and taxes of P17.6 billion last year due to continued improvement on net interest income and robust trading gains amid the pandemic. 

After making huge gains last week, investors are seen to test the stock market’s strength this week amid concern over the new COVID-19 variant on one side and vaccine roll-out news and the passage of the corporate recovery bill on the other.

Philippine National Bank (PNB)  is seeking to dispose of three prime properties that it values at about $1 billion as early as this year, a person familiar with the plan said.