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PBB books higher profit on core business’ growth

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Philippine Business Bank posted a 57.1% jump in its net profit. -- BW FILE PHOTO

PHILIPPINE BUSINESS Bank (PBB) posted a 57。1% jump in its net earnings in the first three months of the year, supported by growth in its core businesses。

北京赛车pk10投注The lender’s net income grew 57.1% to P394.4 million in the first quarter from the P251 million seen in the comparable year-ago period, according to PBB’s filing with the local bourse.

“The start of 2020 has been challenging given the Taal Volcano eruption and the global COVID-19 (coronavirus disease 2019) pandemic。 The bank showed good year-over-year growth in core income and net income,” PBB President and Chief Executive Officer Roland R。 Avante was quoted as saying。

“In addition, opportune conditions in the treasury business will likely continue for some time in the first half。 The bank is prepared to face trials brought about by the disruption,” Mr。 Avante said。

“We have doubled our provisioning from the same period last year. We are also undertaking an extensive review of our balance sheet to ensure that we have a complete view and thorough understanding of the operations of our clients,” he added.

The period saw the bank’s interest income climb by 20.5% to P1.922 billion from P1.595 billion a year ago. Net interest margin settled at 5.21%, improving by 104 basis points from last year’s 4.17%.

北京赛车pk10投注Core income surged by 110.8% to ₱693.6 million from the P329.1 million in the first quarter last year.

The bank’s pre-tax and pre-provision profit increased by 63.7% to P695.9 million from P425.1 million a year ago. Profit before tax also expanded by 55.9% to P545.9 million from the P350.1 million seen a year ago.

Meanwhile, PBB’s total loans and receivables amounted to P85.6 billion as of end-March.

Assets grew 16。9% to P110。6 billion in the first three months of the year from P94。7 billion in the comparable year-ago period。

On the funding side, PBB’s deposit liabilities stood at P90.1 billion as of end-March. Low-cost funds increased by 33% while time deposits totaled P47.7 billion.

The bank’s deposit portfolio improved its low-cost to high-cost ratio to 47:53 from 41:59.

北京赛车pk10投注Shareholders’ equity stood at P13.1 billion, equivalent to a book value per share of P19.32 net of preferred shares.

The lender’s return on average assets settled at 1.40% while return on average equity was at 12.17%.

Meanwhile, its minimum liquidity ratio was at 23.64%, which is above the required 20%.

PBB’s shares ended trading at P9 apiece on Monday, up by 21 centavos or 2.39% from its previous close. — Luz Wendy T. Noble









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