MANILA, Philippines - Philippine National Bank (PNB) has entered into an agreement with the Social Security System (SSS) for an automated teller machine (ATM) project to be offered to all SSS members within the year.
PNB chairman Florencia Tarriela and SSS president and chief executive officer Emilio de Quiros Jr. signed the memorandum of agreement on the SSS Unified Multi-Purpose Identification System (UMID) Card - ATM project.
Under the agreement, SSS members with UMID cards can go to a PNB branch office to enable their cards to be used as an ATM card if they opt to withdraw funds from their SSS loans and benefits.
Tarriela said SSS expects to offer the new UMID service to SSS members before the end of this year.
Following the merger of PNB and Allied Banking Corp. last Feb. 9, PNB became the fourth largest private domestic bank in terms of total resources.
It now has a distribution network of 655 domestic branches and offices and 826 ATMs nationwide.
The Tan-owned bank remains the only domestic bank with the largest global presence across Asia, Europe, Middle East and North America.
PNB posted more than doubled its net income in the first half to P5.3 billion from P2.3 billion in the same period in 2012.
PNB said the improved earnings performance could be attributed to the strengthening of its balance sheet and improving profitability even after its merger with Allied Bank.
Total consolidated resources expanded to P563.4 billion, up three percent or P15.8 billion from that reported by the merged bank in end-March 31.
Total operating income of the merged bank registered P15.4 billion, up 77 percent from the same period a year ago.