PBB income up 164%

MANILA, Philippines - The Philippine Business Bank (PBB) has reported 164- percent increase in net income, or from P146 million at the end of August 2009 to P386 million in the same period this year.

Total assets likewise increased to P20.6 billion as of August 2010 from P12.9 billion last year while capital stood at a record P2.138 billion.

Higher earnings in 2010 came from interest income on new loan bookings and trading gains arising from fixed income trading in local and foreign currency bond transactions.

Total deposits zoomed to P15.5 billion end August from P9.9 billion in August 2009, while its loan portfolio expanded from P8.7 billion to P14 billion.

Return on equity stood at 31.42 percent while return on assets (ROA at 3.07 percent.

Meanwhile, Francis T. Lee was named the new chairman of the board with Alfredo M. Yao became chairman emeritus.

Danilo A. Alcoseba is the president and chief executive officer while new board member Peter N. Yap was named board vice chairman and chief operating officer. Yap formerly held a key senior managerial position at the Allied Banking Corp.

The other new member of the board is Honorio O. Reyes-Lao. The new chairman, vice chairman, as well as the new board member and the president are known seasoned bankers, having served the industry for more than 35 years.

PBB presently operates a network of 55 branches spread throughout the country with another five in the pipeline.