Philippine National Bank's Q1 2024 net income hits P5.3 billion

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THE Philippine National Bank (PNB) recorded a net income of P5.3 billion in the first three months of 2024, marking a 10 percent increase from the same period last year.

The core income for the first quarter of 2024 amounted to P12.9 billion, up by seven percent from the previous year, with a net interest margin growing by 12 percent year-on-year to P11.7 billion.

This growth is primarily attributed to the increase in the bank’s loan portfolio and improved yields, which rose by an average of 47 basis points.

The bank also managed to mitigate the impact of higher deposit costs and increased deposit volume by reducing its high-cost funding, PNB said in a statement to the Philippine Stock Exchange. PNB’s other income declined from P3.4 billion in the first quarter of 2023 to P1.2 billion in the first quarter of 2024, mainly due to the substantial Real and Other Properties Acquired sale recognized by the bank a year ago.

Operating expenses were lower by eight percent at P7.3 billion, showcasing the bank’s effective cost management. As of March 31, 2024, total assets stood at P1.196 trillion, slightly lower by one percent compared to December 31, 2023.

Net loans and receivables remained stable at P610.0 billion, and deposit liabilities at P916.4 billion. / PR

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