MANILA, Philippines?Tycoon Lucio Tan-led Philippine National Bank boosted its first-semester net profit by 18 percent year-on-year to P1.8 billion due to higher fees and treasury gains.

The six-month profit represented 82 percent of the bank's full-year bottom-line in 2009.

"The bank's profitability momentum was driven by the robust growth in deposits and treasury operations, prudent lending and improved operating efficiencies," PNB told the Philippine Stock Exchange.