PNB earnings climb 15% to P6.1 B

Philippine National Bank (PNB) grew its net income by 15 percent to P6.1 billion in the first quarter, bolstered by higher margins from loans and treasury assets as well as stronger trading gains.

- By KEISHA TA-ASAN

In a disclosure, the Lucio Tan-led lender reported a core income of P14.1 billion during the January to March period, 10 percent higher than a year ago, as net interest income rose by nine percent to P12.7 billion.

PNB attributed the increase to the expansion of its loan book and investments in treasury assets, helping lift net interest margin.

"The first quarter financial results this year reflect the strength of PNB's franchise in its wholesale and retail businesses," PNB president Florido Casuela said.