PNB income up 88%

MANILA, Philippines - The Philippine National Bank (PNB) has reported a net income of P2.11 billion in the first nine months of 2009, which is 134 percent higher year-on-year, and 88 percent better than the P1.12 billion for the whole of 2008.

Net interest income surged by 30 percent to P6 billion. Total loans and receivables closed P113.9 billion, up 24 percent YOY. Share of loans to total assets went up from 33 percent in December 2008 to 40 percent end September.

Deposits grew by P10 billion to P211.2 billion with the deposit mix improving in favor of low-cost funds. Total resources reached P286 billion, up 3.4 percent. Stockholders equity grew to P28 billion, while capital adequacy ratio stayed at 18 percent.