PNB nets P3.15B in 1st half of 2014
SCREENGRAB from www.pnb.com.ph
MANILA, Philippines–Tycoon Lucio Tan-led Philippine National Bank saw a 40.57-percent year-on-year decline in first semester net profit to P3.15 billion, reflecting the slowdown in trading gains likewise seen by most of its peers.
In a regulatory filing posted on Thursday, PNB said net interest income amounted to P8.4 billion, 40 percent higher than the level in the same period last year. The bank grew its loan book by about 2 percent year-on-year to P279.5 billion. Net interest margin stood at 3.1 percent. Fee-based and other income decreased by P2.8 billion to P4.5 billion for the first semester due to lower gains from trading and investment securities and foreign exchange gains which declined by P3.3 billion and P200 million, respectively. These were partly offset by the P800 million increase in miscellaneous income. Administrative and other operating expenses amounted to P10 billion for the first semester, 20.5 percent higher than the level in the same period last year as the company posted increases in compensation and fringe benefits as well as occupancy and equipment-related costs. Consolidated risk-based capital adequacy ratio and tier 1 ratio to risk assets stood at 18.83 percent and 15.51 percent, respectively. Return on equity for the period stood at 7.5 percent.
Your subscription could not be saved. Please try again.
Your subscription has been successful.
READ NEXT
EDITORS' PICK
