PHILIPPINE Business Bank (PBB) said net profit rose more than 38% in the first three months, following the strong performance of lending and treasury businesses.
In a regulatory filing Friday, the bank posted a P251-million net profit in the first quarter, up 38.5% from the same period last year.
Net interest income grew 8.1% year-on-year to P950.1 million in the three months to March.
Total loans and receivables stood at P76.8 billion as of end-March, higher by 3.9% or P2.9 billion versus P73.9 billion in the same period last year.
On the funding side, total deposits grew 6.4% to P78.7 billion at the end of March.
Low-cost funds expanded 8.6% year-on-year at the end of the first quarter to P31.9 billion. Meanwhile, time deposits grew 4.9% to P46.8 billion.
Trading gains totaled P96 million in the first three months.
Core income grew 10% year-on-year to P329.1 million.
Overall, PBB’s total assets amounted to P94.7 billion in the first quarter, up 7.1% from a year earlier.
“PBB showed healthy revenue and net income growth rates owing to the strong performance of both the bank’s lending and treasury businesses,” PBB President and Chief Executive Officer Rolando R. Avante was quoted as saying in the statement.
He added that the thrift lender will continue to improve services and develop its branch network to reach the provinces with limited access to banking services.
PBB, the fifth-largest savings bank in the country in asset terms, has 157 branches nationwide.
“While there are always challenges that concern the banking industry as a whole, we are confident that PBB is strategically positioned to respond to market dynamics,” added Mr. Avante. “We continue to search for ways to improve our services, reduce turnaround times, and expand coverage to as many SMEs (small and medium enterprises) as we can.”
On Friday, PBB was unchanged at P13.40. — Karl Angelo N. Vidal