PNB 9-mo profits up on asset sales

Tycoon Lucio Tan-led 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 disposals.

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

The nine-month 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 banking peers. Doris Dumlao-Abadilla