PNB Reports PHP5.3 Billion Net Income In 1st Quarter Of 2024

Philippine National Bank (PNB) has announced a net income of PHP5.3 billion for the first three months of 2024, marking a notable 10% increase from the same period last year.

PNB's core income for the first quarter of 2024 reached PHP12.9 billion, representing a 7% increase compared to the previous year. I Photo: PNB - Philippine National Bank Facebook

In its disclosure to the Philippine Stock Exchange (PSE), PNB revealed that its core income for the first quarter of 2024 reached PHP12.9 billion, representing a 7% increase compared to the previous year.

The net interest margin also saw significant growth, rising by 12% year-on-year to PHP11.7 billion.

The bank attributed this impressive performance to the expansion of its loan portfolio, coupled with improved yields. Additionally, PNB successfully mitigated the impact of higher deposit costs and increased deposit volume by reducing high-cost funding.

However, other income experienced a decline from PHP3.4 billion in the first quarter of 2023 to PHP1.2 billion in Q1 2024, primarily due to the substantial Real and Other Properties Acquired (ROPA) sale recognized by the bank a year ago.

As of March 31, 2024, PNB reported total assets amounting to PHP1.196 trillion, with net loans and receivables remaining stable at PHP610.0 billion and deposit liabilities at PHP916.4 billion.

Francis B. Albalate, Executive Vice President and Chief Financial Officer, expressed excitement for the bank's future endeavors, particularly in expanding its reach to small and medium-sized enterprises (SMEs) and consumer lending.

He emphasized PNB's commitment to strengthening relationships with local businesses and retail customers through relevant financial services.

Albalate also highlighted PNB's recent accolades, including being awarded the Best Bank for Investment Research in the Philippines by Euromoney and ranking first in Forbes' list of World’s Best Banks for 2024.

Florido P. Casuela, President of PNB, expressed gratitude for the continued trust and confidence of their customers.

He stated that these recognitions validate PNB's commitment to promoting financial prosperity for all Filipinos and their businesses, locally and internationally, contributing to a competitive, inclusive, and sustainable economy.