PNB nets P4.6B

PHILIPPINE National Bank chalked up a nine-month net profit of P4.57 billion, rising by 26.2 percent year-on-year on higher interest earnings and gains from asset disposal.

The net profit attributable to equity holders of parent for the third quarter alone doubled to P1.11 billion from P505.4 million in the same period last year, based on a regulatory filing on Thursday.

For the nine-month period, PNB’s attributable net profit translated to a return on equity of 6.2 percent, improving from 5.5 percent in the previous year but below the return posted by most banking peers.

Net interest income for the nine-month period rose by about 5 percent year-on-year to P13.2 billion, driven by the expansion in the loan portfolio. However, this was partly offset by the decline in income from deposits with banks by P0.9 billion.

Other income slightly declined to P3.9 billion from P4 billion compared to same period last year in the absence of large trading gains seen in the previous year.

Fee-based earnings amounted to P2.4 billion, rising from P2 billion in the previous year.