PNB reports 12% profit growth driven by strong interest income

The Philippine National Bank (PNB) announced a robust 12% increase in consolidated net income, reaching P15.1 billion for the first nine months of 2024, largely attributed to significant growth in net interest income.

In a recent disclosure to the Philippine Stock Exchange, PNB revealed that net interest income, which represents 83% of its total operating income, rose by 10% year-on-year to P36.5 billion. This increase was supported by a 15% rise in interest income, driven by an expansion in customer loans, investments, and other liquid placements, along with improved yield rates.

Despite a rise in interest expenses on deposits, PNB successfully managed costs by deploying these deposits into higher-yielding assets.

PNB Chief Financial Officer Francis Albalate emphasized the bank's focus on enhancing policies and processes to sustain growth momentum in its core banking activities, stating, "The Bank’s core revenues steadily increased as we continue to enhance our policies and processes to sustain the growth momentum of the Bank’s core banking activities amidst continued economic expansion.”

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