Tycoon Lucio Tan-led Philippine National Bank (PNB) grew earnings in the first half by 6.2 percent to P10.3 billion on gains from its core banking activities.
In a stock exchange filing on Monday, PNB said high interest rates and an increase in loan volume caused an 11-percent uptick in net interest income.
“Likewise, the bank was able to temper the impact of higher interest expense on deposits by deploying these deposits to assets with better yields,” PNB added.
It has yet to disclose its full financial statement bearing more details.
Other operating income was slashed by nearly half to P2.3 billion due mainly to a “substantial” sale of acquired assets that was recognized last year.
Operating expenses slightly dipped by 4 percent to P14.3 billion.
PNB’s total assets as of end-June were at P1.26 trillion.
“PNB’s performance has been on an upward trajectory since the start of the year, and we attribute this to the sound execution of our strategies and growth initiatives,” PNB president Florido Casuela said.
“The stronger focus and collaboration of our business groups have enabled us to serve a broader part of the commercial lending and consumer finance segments,” Casuela added.
Earlier this year, PNB announced plans to raise $300 million via a medium-term note offering to beef up its coffers for financing requirements.
This forms part of its $2-billion euro medium-term note program that was established in 2018. INQ