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PNB 1Q 2024 Net Income at P5.3 Billion

PNB 1Q 2024 Net Income at P5.3 Billion

02 May 2024 — Philippine National Bank (PNB) posted a net income of P5.3 billion in the first three months of 2024, up by 10% against the same period last year.

Core income for the first quarter of 2024 amounted to P12.9 billion, increasing by 7% from the same period last year, with net interest margin growing by 12% year-on-year to P11.7 billion. This is mainly due to the combined effect of the increase in the Bank’s loan portfolio and better yields which increased by an average of 47 bps. The Bank was also able to mitigate the effect of higher cost of deposits and increase in deposit volume by reducing its high-cost funding.

Other income declined from P3.4 billion in Q1 2023 to P1.2 billion in Q1 2024 mainly due to the substantial ROPA sale recognized by the Bank a year ago.

Operating expenses were lower by 8% at P7.3 billion, highlighting the Bank’s ability to manage its costs.

Provision for impairment losses is at P620 million, 62% lower than the year-ago level, as the Bank’s loan portfolio fully recovered from the lingering effects of the pandemic as the economy maintains its growth trajectory to pre-pandemic level.

Total assets as of March 31, 2024 amounted to P1.196 trillion, 1% lower than the December 31, 2023 level. Net loans and receivables remain stable at P610.0 billion level and deposit liabilities at P916.4 billion.

“This year is exciting for the Bank as we embark on expanding our reach to the small- and medium-enterprises as well as in consumer lending. We shall strengthen our relationships with our local businesses and retail customers by providing relevant services that will help them fulfill their financial objectives,” said Francis B. Albalate, Executive Vice President and Chief Financial Officer.

PNB was awarded by Euromoney as the Best Bank for Investment Research in the Philippines during its Private Banking Awards last March 22. This is PNB’s fourth consecutive win since 2021 in recognition of the breadth, depth and quality of the Bank’s investment research which helps clients navigate economic and financial market turbulence.

Furthermore, PNB ranked first in the Philippines in Forbes’ list of World’s Best Banks for 2024. The ranking was based on a worldwide survey of more than 49,000 banking customers in 33 countries. The banks were rated in five key areas – trustworthiness, terms and conditions, customer service, digital services, and quality of financial advice. “We are truly grateful for the continued trust and confidence of our customers. This recognition validates that we are on track in pursuing our vision of being among the top banks in terms of customer growth and satisfaction,” said PNB President Florido P. Casuela. “We have made it our mission to promote financial prosperity for all Filipinos and their businesses – locally and internationally – and to empower them to help build a competitive, inclusive, and sustainable economy.”

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