Philippine National Bank, the country’s seventh largest bank by assets, reported Thursday a 10 percent increase in its first-quarter net income to P5.31 billion on account of higher interest income and fee-based revenue, and lower expenses and provisions for impairment, credit and other losses.
Profit growth would have been higher had PNB sold as much assets for disposal as it did in the first quarter of 2023. Net gains on sale and exchange of assets total P2.6 billion last year.
PNB said net interest income as well as net service fees and commissions in the first quarter rose 7.3 percent to a total P12.88 billion while other income dropped to P1.19 billion from P3.4 billion that included net gains on sale and exchange of assets.
Operating expenses declined 7.5 percent to P7.34 billion while provisions for impairment, credit and other losses fell to P619.8 million from P1.61 billion.
