Philippine Business Bank posts higher first-half net profit

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Philippine Business Bank (PBB) logged higher net income in the first half of the year from the previous semester as it saw sustained strong loan demand.

In a disclosure to the local bourse Monday, the Yao-led lender posted a net profit of P348.2 million in the January-June period, up 16.1% from the P299.8 million booked in the second half of 2017.

PBB saw its core income jump by 58.5% to P669.9 million in the first six months of 2018 from the P422.7 million in the same period last year.

Interest income grew 40.2% to P2.5 billion from the P1.8 billion year-on-year. This resulted to a pickup in net interest income to P1.8 billion, up 27.9% in a comparable year-ago period. — Karl Angelo N. Vidal