PNB Savings hikes profit 51% in 2017

MANILA, Philippines — PNB Savings Bank posted a net income of P459 million in 2017, reflecting a hefty increase of 51 percent against its P305 million registered in 2016.

The bank’s core business sustained profitability with net interest income rising by 43 percent year-on-year to settle at P2 billion. This was driven by the 42 percent growth in total loan portfolio at P43.6 billion due to its strong consumer lending business. Consumer loans accounted for 83 percent of its total loans as PNB Savings Bank performed well its role as the consumer lending arm of its parent bank, Philippine National Bank.

By the end of 2017, total resources expanded to P51.6 billion, up by 39 percent from the P37 billion registered a year ago, funded mainly by growth in deposits.  Total deposits reached P37.3 billion, up by 54 percent from previous year’s deposit level.

PNB Savings Bank continues to uphold its commitment to come up with innovative products and smart banking solutions to meet the diverse banking needs of its clients and the community it serves.  The bank recently launched two products that provided added value to its customers namely, Smart Courier and Smart Multi-Purpose Loans Double Insurance Coverage.

The Smart Courier offers customers the convenience of doing their bank transactions from the comfort of their own home or office. For just a minimal fee, the bank’s Smart Courier provides service for various bank-related transactions for pick-up or delivery, such as: cash and check pick-up for deposit or payment of bills; cash withdrawal delivery; pick-up and delivery of applications, bank certifications, and other documents; conversion and delivery of foreign currencies, among others.

Meanwhile, the Smart Multi-Purpose Loans which includes Smart Personal Loan and Smart Salary Loan are now enhanced with free double insurance coverage and telemedicine services. The double insurance coverage provides free life and accidental death insurance coverage for the borrower that is twice the principal amount of the loan, up to a maximum of P1 million. In case of accidental death, the double insurance coverage may also serve as payment to cover the remaining balance of the borrower, while the excess insurance net of the remaining loan balance will also be awarded to the immediate beneficiary.

In terms of branch network, PNB Savings Bank currently has 59 branches strategically located nationwide. The bank is expected to open 12 more branches within the first half of 2018, including its branch of the future which will showcase the latest digital facilities in a retail bank set-up.