PNB nets P21.2B in 2024

MANILA, Philippines — Philippine National Bank (PNB) reported an 18-percent climb in its earnings last year to P21.2 billion as its core businesses grew.

The bank led by taipan Lucio Tan said in a regulatory filing on Wednesday that its net interest income rose by 11 percent to P49.3 billion, buoyed by increased lending and investment activities, as well as higher yields.

Income from PNB’s fee-based business inched up by 4 percent to P5.5 billion on higher volume of transactions covering loans, credit cards, deposits and trade.

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Trading and foreign exchange gains reached P1.8 billion, up by 3 percent.

PNB’s financial performance resulted in a return on equity of 10.39 percent from 9.95 percent previously.

“The bank’s performance indicates that our strategic initiatives are gaining traction that will solidify our market position among the leading banks,” PNB president Florido Casuela said in their disclosure.

As of end-December, PNB’s total assets reached P1.3 trillion, up by 4 percent.