Philippine Business Bank said Monday net income in 2022 rose 12 percent year-on-year to P1.31 billion and that it expects stronger results this year after a capital-raising exercise that generated P1.75 billion in the first quarter.
The bank said net interest income last year stood at P5.55 billion while core income rose 10 percent to P3.09 billion.
It said total resources stood at P134.6 billion at the end of 2022 while total net loans and receivables rose 13 percent year-on-year to P103.5 billion. Deposit liabilities were at P114.5 billion, with P62.0 billion in low-cost deposits.
Shareholders’ equity was at P14.6 billion, equivalent to a book value per share of P21.68 net of preferred shares. Net interest margin was at 4.33 percent.
PBB said fourth-quarter net income climbed 26 percent to P384.9 million.
In the first-quarter of 2023, PBB raised a total of P1.75 billion capital which comprises the P1.25 billion private placement and P500 million from its stock rights offering. The proceeds increased PBB’s capitalization and enhanced the lender’s ability to expand its loan and investment securities portfolio. This will further improve profitability in 2023, it said.
