PBCom books higher net income in Q2
PHILIPPINE BANK of Communications (PBCom) saw its net profit rise by 46.87% year on year in the second quarter as it booked a higher operating income on the back of its better trading performance.
The lender’s attributable net income stood at P458.56 million in the second quarter, up from P312.23 million in the same period last year, based on its quarterly report submitted to the local bourse on Monday.
This brought its first-half net income to P999.96 million, up by 37.5% from P727.27 million a year prior.
The bank’s first semester performance translated to a return on average equity of 12.45%, up from 10.17% the year prior, and a return on average assets of 1.55%, better than the 1.29% seen in the first half of 2022.
PBCom’s net interest income went down by 5.63% to P1.13 billion in the second quarter as the increase in interest expenses (476.7%) outpaced the growth in interest income (40.22%).
As a result, the bank’s net interest margin fell to 4.08% at end-June from 4.75% from the same period last year.
Meanwhile, operating income rose by 17.99% to P1.47 billion as the bank saw a P46.39-million trading gain versus the P199.58-million loss a year ago.
On the other hand, operating expenses went up by 4.07% to P846.72 million from P813.62 million.
The bank’s provisioning for impairment losses dropped to P8.5 million from P37.16 million.
PBCom’s gross loans went up by 2.42% to P78.78 billion at end-June from P76.92 billion at end-2022.
Its nonperforming loan (NPL) ratio was at 2.79%, lower than the 3.23% seen at end-2022.
On the funding side, deposit liabilities dropped by 1.81% to P97.65 billion at end-June from P99.44 billion at end-2022.
Total assets stood at P132.48 billion as of June.
Total equity was at P16.57 billion.
PBCom’s capital adequacy ratio stood at 17.27% as of June, up from 16.55% in the same period last year.
The bank’s liquidity ratio was steady at 21.41% at end-June from end-2022.
PBCom’s shares went up by four centavos or 0.25% to end at P15.84 apiece on Monday. — A.M.C. Sy
