PNB nets 14% more in 2016
MANILA, Philippines - Earnings of listed Philippine National Bank (PNB) grew 14 percent last year on the back of the robust performance of its core businesses.
The bank owned by tobacco and airline magnate Lucio Tan said it booked a net income of P7.2 billion last year, about P900 million higher than the P6.3 billion booked in 2015.
The growth in net income was driven by a steady improvement in its core income, supplemented by non-recurring revenues as well as the double-digit growth in its non-interest income.
“PNB’s healthy financials is the result of our continuing efforts to enhance our core business,” PNB president Reynaldo Maclang said.
The bank’s net interest income grew 11 percent to P19.6 billion, accounting for nearly two-thirds of total operating income.
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