Quantcast
Latest Stories

LT Group profit up 18% to P6.1B in H1

By

Taipan Lucio Tan-led conglomerate LT Group Inc. grew its first semester net income attributable to equity holders by 18 percent year-on-year to P6.1 billion, driven mainly by higher earnings booked by banking arm Philippine National Bank.

PNB, now merged with Allied Banking Corp., posted a 126-percent rise in its six-month net profit to P5.3 billion from year-ago level. If compared with the combined P3.2 billion net income of PNB and Allied Bank in the first semester of 2012 before the merger, profit was up by 68 percent year-on-year.

The six-month results translated to a return on equity of 12.8 percent for PNB.

Total operating income of the merged bank reached P15.4 billion in the first semester, up 77 percent year-on-year. This was due to trading gains of P5.7 billion, more than double the P2.55 billion posted a year ago.

Core businesses contributed to the growth despite thinning spreads and high liquidity as net interest income rose by 59 percent year-on-year to P5.9 billion.

PNB grew its loan book by 82 percent year-on-year to P238.7 billion. Net interest margin eased to 2.5 percent from 3 percent in the same period last year.

Total consolidated resources expanded by 3 percent to P563.4 billion.

Net service fees and commission income also rose by 28 percent to P1.2 billion from the previous year’s level.

Total operating expenses rose by 46 percent mainly due to consolidation costs.

In terms of asset quality, PNB’s non-performing ratio dropped to 1.1 percent versus 2.9 percent a year ago.

For parent firm LTG, six-month profit including minority interest amounted to P9.5 billion, 34.6 percent higher year-on-year. Improvements in banking, beverage and property earnings were able to offset the weak performance of tobacco and alcohol products as the effects of the high excise tax increase in 2013 continued to affect sales volume, LTG reported.

Beverage revenue was flat for the first half of 2013 but net income from the beverage segment rose by 12 percent year-on-year to P483 million due to lower operating and interest expenses.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , lucio tan group , profitability



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • 16 CADPI sugar refinery workers now out of danger after toxic shower in Batangas
  • PNP denies Purisima’s involvement in questionable deal with courier firm
  • Pro-Russian insurgents hold journalist hostage
  • UN heads say Syria aid needs ‘largely unanswered’
  • Captain who left doomed ferry had 40 years at sea
  • Sports

  • UP nips St. Benilde; Adamson blasts RTU in Filoil women’s caging
  • Kevin Garnett responds to Raptors’ GM F word
  • Albert Pujols hits 500th HR of major league career
  • UST posts twin kill in Filoil pre-season cup opening day
  • Wizards beat Bulls in OT to take 2-0 series lead
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Bollywood Oscars, film stars come to Florida
  • Ex-Fox exec denies allegations in sex abuse suit
  • Kris Aquino backtracks, says Herbert Bautista and her are ‘best friends’
  • Summer preview: Chris Pratt enters a new ‘Galaxy’
  • Bon Jovi helps open low-income housing in US
  • Business

  • Toyota sells 2.58 million vehicles, outselling GM
  • McDonald’s 1Q profit slips as US sales decline
  • SEC approves SM’s P15B retail bond offer
  • $103M Vista Land bonds tendered for redemption
  • Oil slips to $102 as US crude supplies seen rising
  • Technology

  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Brazil passes trailblazing Internet privacy law
  • Opinion

  • One-dimensional diplomacy: A cost-benefit analysis of Manila’s security deal with Washington
  • No ordinary illness
  • Reforest mountains with fire trees and their kind
  • Day of the Earth
  • When will Chinese firm deliver new coaches?
  • Global Nation

  • Palace thanks Estrada for successful HK mission
  • Hong Kong accepts PH apology; sanctions also lifted
  • China won’t budge, wants PH gov’t to apologize to HK
  • Cha cha train to follow Obama visit?
  • No word yet on inking of US-PH defense pact during Obama visit
  • Marketplace