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PNB H1 profit dips on one-time gain

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PHILIPPINE National Bank’s (PNB) earnings fell to P3.9 billion in the six months to June from P5.4 billion a year earlier, which included a one-time gain from the sale of foreclosed assets, the lender said in a statement on Friday.

Assets of PNB and its units grew 24% to P1.09 trillion. PNB shares fell by 20 centavos to close at P49.50 each.

PNB didn’t provide second-quarter financial figures.

The bank’s net interest income rose 13% to P14.7 billion, while loans and receivables increased by the same rate to P594.1 billion, according to the statement. — Beatrice M. Laforga

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