PNB books P5.3 billion in Q1 earnings

Tycoon Lucio Tan’s Philippine National Bank (PNB) booked P5.3 billion in first-quarter earnings, a 10-percent increase on its slight gains in its loan portfolio and better yields.

In a stock exchange filing on Thursday, PNB said core income in the January to March period grew by 7 percent to P12.9 billion.

Net interest margin also rose by 12 percent to P11.7 billion while yields increased by an average of 47 basis points, the bank said.

Meanwhile, net loans inched up to P610 billion from P609 billion.

“This year is exciting for the bank as we embark on expanding our reach to the small and medium enterprises as well as in consumer lending,” said Francis Albalate, PNB executive vice president and chief financial officer.

READ: PNB, PSBank posted record profits in 2023

Other income declined to P1.2 billion from P3.4 billion in the absence of a one-time gain from the sale of real and other properties acquired, which were recognized the previous year.

Total assets stood at P1.2 trillion as of the end of March, 1 percent lower than the previous quarter.

Operating expenses lowered by 8 percent to P7.3 billion.

Provision for impairment losses declined by 62 percent to P620 million, “as the bank’s loan portfolio fully recovered from the lingering effects of the pandemic as the economy maintains its growth trajectory to prepandemic level.”