PBB posts higher profit in the first six months
PHILIPPINE BUSINESS BANK, Inc.’s (PBB) net earnings climbed by 18.7% in the first semester, it said on Tuesday.
PBB’s net income grew to P1.032 billion in the first half from P869.2 million a year prior, it said in a disclosure to the stock exchange.
This translated to an annualized return on assets of 1.34% and a return on equity of 11.19%.
Its financial statement was unavailable as of press time.
“PBB performed well in the first half of 2024, generating a net income of P1 billion. This highlights the strength of PBB’s business model and underscores its effective recovery and growth strategies following the challenging pandemic years and the ongoing uncertainty in the economic conditions. PBB reached this milestone faster in 2024 than in previous years. In 2023, it took PBB nine months to reach P1.1 billion in net income, and eleven months in 2022,” PBB Chief Operating Officer Cynthia A. Almirez was quoted as saying.
“In the next six months, the bank is committed to sustaining our positive income momentum by continuing to enhance our product offerings and provide innovative solutions tailored to meet the evolving needs of its clients. The bank is looking forward to working together with our clients, shareholders, and employees in building stronger business communities,” Ms. Almirez added.
PBB noted that its profit before tax went up by 18.8% to P1.38 billion from P1.16 billion.
The bank’s interest income rose by 17.2% year on year to P5.18 billion in the first six months.
Core income stood at P1.71 billion, up by 21.4% from P1.38 billion in the same period last year, the lender added.
PBB’s loans and other receivables rose by 14.3% year on year to P118.7 billion at end-June.
On the funding side, deposit liabilities grew by 12.5% to P126.4 billion in the period.
The bank’s total resources expanded by 12.6% to P154.4 billion at end-June.
Total equity was at P18.4 billion in the period.
PBB’s capital adequacy ratio stood at 12.66% at end-June, while its minimum liquidity ratio was at 20.80%.
The bank has a total of 158 branches nationwide.
Its shares ended unchanged at P8.80 apiece on Tuesday. — AMCS
