PNB delivered P18.5-B bottom line in Jan-Sept period

Philippine National Bank (PNB) sustained its growth momentum with its net income climbing 23 percent in the first nine months, lifted by stronger lending activity and investment securities.

In a disclosure on Monday, the firm said its consolidated earnings had reached P18.5 billion against the P15 billion booked a year ago.

Loans and investment securities rose by 9 percent and 13 percent, respectively.

“The bank is now harvesting the benefits from focusing on the improvement in the quality of the lending portfolio through deliberate acquisition of quality customers and improvements in the credit and lending processes and policies,” PNB chief financial officer Francis Albalate said.

Its president Edwin Bautista likewise showed optimism that PNB could maintain its pace, especially as the group has continued to push for its digitalization to enhance customer services.

“We expect steady business growth with a strong plan in place to grow corporate, commercial and consumer businesses,” Bautista said.

“The bank’s plan for digitalization will further expand opportunities across all areas of the business as the bank prepares itself for advancing innovations that will prioritize improving service to the bank’s customers,” he added.

The executive, who also led the digital transformation of Union Bank of the Philippines, earlier unveiled a plan to explore the use of advanced technologies, such as data science and artificial intelligence.

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Meanwhile, operating expenses during the period increased by 9 percent to P23.64 billion versus the previous P21.67 billion.

The lender ended the third quarter with P1.25 trillion in total assets, while total liabilities stood at P1.02 trillion.

PNB has operations across 17 countries in North America, Europe, the Middle East and Asia. However, the company said last month that its board of directors had provided the go-signal to dissolve its Bahrain representative office, a move that could help PNB slash its costs as well as give more focus on its core business.