PBB profit grew 39% in 2023

MANILA, Philippines — The net income of Philippine Business Bank (PBB) last year expanded by 39.1 percent to P1.82 billion as its assets and lending portfolio grew.

In a stock exchange filing on Monday, PBB, the banking arm of Zest-O Group founder Alfredo Yao, said its assets grew by 14.8 percent to P154.4 billion.

Net interest income went up by 15.8 percent to P6.42 billion as the bank’s loan portfolio rose by 13.5 percent to P117.6 billion on higher market demand for financing. Net interest margin stood at 4.63 percent, up by 30 basis points.

On the funding side, the bank’s total deposits climbed to P126.7 billion from P114.5 billion in 2022.

“The bank’s performance despite the stiff competition in the industry is indicative of PBB’s expansion as a full-service financial institution,” PBB chief operating officer Cynthia Almirez said in their disclosure.

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“Senior management believes that the bank’s approach of further strengthening its dominant position in the SME (small and medium enterprise) market and sustaining its growth momentum will help establish and position PBB toward its ultimate goal of becoming a major player in the Philippine financial services sector,” she added.

PBB in March 2023 completed its P500-million stock rights offering as it eyed a universal bank license that would eventually allow it to compete with the country’s biggest lenders.

READ: PBB sets rights offer in universal bank bid

The lender also noted that the increase in its capitalization would help meet the growing demands of the business and “exploit opportunities as the economy rebounds.”