Philippine Business Bank said Monday nine-month net income surged 57 percent to P1.8 billion, matching earnings for the whole of 2023 on the back of double digit growth in loans and interest income as well as cost management.
Interest income in the January-September period increased 16 percent to P7.83 billion as total loans and receivables rose 13 percent to P120.6 billion.
PBB said total resources stood at ₱161.3 billion, showcasing the bank’s expanding financial footprint. Deposit liabilities, meantime, amounted to P131.9 billion, indicating a solid foundation for future growth. Shareholders’ equity was reported at P19.7 billion, which translates to a book value per share of P23.31 after accounting for preferred shares.
Annualized returns on assets and equity also saw notable improvements, rising to 1.49 percent and 12.18 percent, respectively. The bank maintained a capital adequacy ratio of 12.92 percent, comfortably above the adjusted statutory requirement of 10.0 percent.
PBB vice chairman, president, and chief executive officer Rolando Avante said the financial performance is a testament to the bank’s resilience and adaptability in a high-interest rate environment. He noted that effective cost management and a substantial 50 percent increase in fee-based income also bolstered PBB’s earnings.
Trading gains of P402.0 million provided further support to net income, even amidst economic volatility.
