PNB income rises 23% to P18.5 B

Philippine National Bank (PNB) of taipan Lucio Tan posted a 23-percent increase in its consolidated net income to P18.5 billion from January to September, driven by growth in loans, investments and fee-based income.

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In a statement, PNB said total revenues expanded by eight percent during the nine-month period, supported by the nine-percent rise in loans and a 13-percent growth in investment securities.

Fee-based income also contributed an 18-percent increase, while other income climbed by four percent, aided by asset disposals and foreign exchange gains.

Operating expenses grew by nine percent year-on-year, in line with the bank's business expansion and higher transaction volumes.