Philippine National Bank (PNB) saw its net income rise in 2017 on the back of the growth in its core operating income.

In a disclosure to the local bourse on late Thursday, March 15, the Tan-led PNB booked a consolidated net income of P8.2 billion in 2017, 14% higher than the P7.2 billion it recorded the previous year.

PNB attributed its solid bottom line to the “growth in core operating income.”

The lender’s net interest income rose 13% in 2017. This was mainly driven by the expansion in its loan portfolio, which increased to P502.1 billion by 17% last year from the P428.2 billion logged in 2016. — Karl Angelo N. Vidal