Fashion resurgence: SSI hits record-high earnings
SSI on Monday said its net income last year surged 34 percent, while revenues rose by 16.6 percent to P27.7 billion.
In the fourth quarter—considered the most consumption-heavy season due to Christmas shopping—the company booked P1.1 billion in earnings, up by 4.1 percent. This accounted for nearly half of SSI’s full-year income.
SSI is the local operator of several international clothing brands, including Lacoste, Gap, Marks and Spencer, Zara and Old Navy.
Sales from its e-commerce websites, as well as those of third-party marketplaces, stood at P1.9 billion, accounting for 7 percent of total revenues.
“Our record full year 2023 results reflect the group’s ability to capture increasing discretionary spending through our emphasis on world-class customer experiences,” SSI president Anthony Huang said in a statement.
“The group also continues to benefit from a resilient customer base, a flexible operating platform, an optimized expense base and a strong cash position,” he added.SSI in 2020 launched digital platform Trunc.ph to broaden the distribution of global luxury brands, including Gucci and Michael Kors, in the Philippines, riding on the booming e-commerce industry amid the pandemic. —Meg J. Adonis INQ The net income of Philippine Business Bank (PBB) last year rose by 39.1 percent to P1.82 billion as its assets and lending portfolio grew.
In a stock exchange filing on Monday, PBB, the banking arm of Zest-O Group founder Alfredo Yao, said its assets grew by 14.8 percent to P154.4 billion.
Net interest income jumped by 15.8 percent to P6.42 billion as the bank’s loan portfolio increased by 13.5 percent to P117.6 billion on higher market demand for financing. Net interest margin stood at 4.63 percent, up by 30 basis points.
On the funding side, the bank’s total deposits climbed by 10.7 percent to P126.7 billion from P114.5 billion in 2022.
“The bank’s performance despite the stiff competition in the industry is indicative of PBB’s expansion as a full-service financial institution,” the bank’s chief operating officer Cynthia Almirez said in their disclosure.
“Senior management believes that the bank’s approach of further strengthening its dominant position in the SME (small and medium enterprise) market and sustaining its growth momentum will help establish and position PBB toward its ultimate goal of becoming a major player in the Philippine financial services sector,” Almirez said.
PBB in March 2023 completed its P500-million stock rights offering as it eyed a universal bank license that would eventually allow it to compete with the country’s biggest lenders.
The savings bank also noted that the increase in its capitalization would help meet the growing demands of the business and “exploit opportunities as the economy rebounds.” —Meg J. Adonis INQ
