PNB Savings nets 29% more in Q1

MANILA, Philippines – PNB Savings Bank the consumer banking arm of Philippine National Bank posted a 29-percent increase in net income in the first three months of 2016 to P91 million from P70 million in the same period last year.

The country’s third largest thrift bank in terms of capital, PNB Savings strong performance was driven by the sustained growth of its core business as net interest income increased 46 percent year-on-year.

Loan portfolio level expanded to P20.24 billion, more than double from P9.99 billion for the same period last year.

Asset quality steadily improved as gross non-performing loans (NPLs) declined further to 2.95 percent from 4.62 percent a year ago.

Total deposits stood at P14.12 billion, up 64 percent year-on-year from P8.63 billion, primarily fuelled by short term and long term deposits that matched the long term assets of the bank.

Total capital base of the thrift bank stood at P11.32 billion, up by two percent.

Capital adequacy ratio (CAR) stood at 50.02 percent.

As of end March, PNB Savings operated a total 40 branches strategically located across Metro Manila, Southern and Northern Tagalog regions, Bicol, Western Visayas and Northern Mindanao.