PNB income down to P3.7 B

MANILA, Philippines - The Philippine National Bank posted a net income of P3.7 billion in the first nine months of 2014, down 45.5 percent from the P6.8 billion in the same period in 2013.  The P1.6-billion growth in interest income came largely from loans as the bank expanded its loan portfolio by 14.6 percent to P290.8 billion propelled by its strong commercial and consumer lending business. Interest expense on deposits steadily decreased in the past three quarters due to improving deposit mix. Total assets stood at P614.5 billion. Non-performing loan (NPL) ratio decreased to 0.99 percent from 1.4 percent in December 2013. Likewise, ratio of real and other properties acquired (ROPA) to total assets dropped to 3.4 percent from 3.5 percent due to the dynamic marketing initiatives to dispose of the bank’s acquired asset portfolio. PNB’s capital position remained solid with a capital adequacy ratio (CAR) of 21.13 percent.