The Philippine Business Bank said first-quarter net income rose 4.6 percent to P511.5 million, aided by a steady growth in interest and fee-based income, lower impairment losses, and strong trading gains.
PBB, the financial services arm of the Yao Group seeking to become a universal bank, said first-quarter interest income rose 14 percent to P2.52 billion while impairment losses dropped to P50 million from P200 million in the year-earlier quarter. Fee-based income rose 44 percent to P70.6 million while trading gains jumped 73 percent to P140.1 million.
The bank posted total resources of P147.8 billion at the end of March while shareholders equity was P18.4 billion. Deposits total P119.4 billion.
At the end of March, the bank counted 158 branches nationwide that mainly cater to small- and medium-sized enterprises, which forms the bulk of businesses in the Philippines.
Cynthia Almirez, chief operating officer of PBB, said the bank aims to have an equity of P20 billion before this year ends, moving it a step closer to its goal of securing a universal banking license.
As a universal bank, PBB will be able to expand its products and services to include investment banking, wealth management, and bancassurance, opening up new income streams for the lender, Almirez said.
“By diversifying its products and services, PBB anticipates greater revenue growth, an expanded market presence, and the ability to provide more attractive returns to its investors through cash dividends. PBB looks forward to the continued support of its clients, shareholders, and employees as it embarks on this exciting journey towards becoming a universal bank,” she added.
