MANILA, Philippines–Zest-O group-led Philippine Business Bank grew net profit in the first nine months by 67.9 percent year-on-year to P1.02 billion on higher interest earnings and treasury gains as well as one-time gains from the consolidation of Insular Savers Bank Inc. (ISB).
This profit level was attained with the continued expansion of the bank’s core business, PBB president Roland Avante said in a disclosure to the Philippine Stock Exchange.
“The bank’s interest differential business showed robust profitability as interest rates continued to stabilize. PBB was also able to capitalize on a favorable treasury trading environment,” Avante said.
PBB’s net interest income expanded by 18 percent year-on-year to P3.22 billion. Net interest margin was at 4.33 percent in September.
The bank expanded its loan book by 5 percent year-on-year to P84.3 billion at end-September. Total resources increased by P12.3 billion, reaching P108.6 billion.
“While our profits in the last nine months are supplemented by a one-time gain on the consolidation of ISB, the strong interest differential business the bank has been developing continuous to drive our profit numbers. Over the last five years, we have grown our assets by 15.3 percent and our net book value per share by 10.6 percent,” Avante said.