PNB poised to break 10-year net income record high
The Philippine National Bank (PNB) has reported a consolidated net income of P622 million for the first semester of 2007, a substantial 46 percent improvement compared to the P427 million income registered for the same period last year.
More importantly, this primed PNB towards attaining a 10-year high annual income target of at least P1.2 billion.
Return on equity (ROE) ratio jumped to 5.1 percent from the previous year’s comparative figure of 3.8 percent.
Last June, the bank settled in full its P6.1-billion loan with the Philippine Deposit Insurance Corp. (PDIC) four years ahead of the loan’s due date with payment being sourced from excess liquidity.
In the same month, PNB realized a P1.55-billion reduction in the level of its non-performing loans (NPL’s) to P10.747 billion.
Total assets registered a slight reduction of 1.36 percent to P240.14 billion. Total deposits stood at P183.4 billion.
With its successful exit from the government’s rehabilitation program, PNB achieved full independence from government support with its Follow-on Equity Offering. Total offer size was 160.8 million shares made up of 89 million primary shares and 71.8 million secondary shares owned by the national government. The offering finally allowed PNB to be fully privatized.
With the introduction of the Special Deposit Accounts (SDA) of the BSP, the Bank through its Trust Banking Group generated additional funds which, as of
Consolidated capital adequacy ratio (CAR) stood at 20 percent. But with the proceeds of the follow-on equity offering, capital accounts increased by over P5 billion improving its CAR to roughly 24 percent.
Recently, it became the first Philippine bank to be granted a license to operate a cargo company in the
It also sealed an agreement with G-Xchange Inc. (GXI) that will allow pay out of PNB overseas remittances in the growing number of GCash outlets all over the country to bring greater convenience to beneficiaries of OFWs. It entered into arrangements with Sta. Lucia Realty (SLR) and Quadrillon Inc. to expedite remittance of its Filipino migrant workers.
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