Connect with us

Hi, what are you looking for?

News

PBB posts higher net profit

PHILIPPINE Business Bank (PBB) saw a 15.2% increase in its net income in the first nine months on the back of a higher core income and an expansion in its loan portfolio.

The lender’s net income climbed to P926.6 million in the nine months ended September from the P804.3 million posted in the same period a year ago, it said in a statement released on Tuesday.

This translated to a return on equity of 8.82% and a return on assets of 0.99%.

“2022 has been a challenging year with uncertainties affecting the global macroeconomic picture,” PBB President and CEO Roland R. Avante was quoted as saying.

“Although income growth remains steady, PBB sees headwinds in the remaining months of 2022 and early 2023 as inflation remains high and the Philippine peso continues to weaken,” Mr. Avante said.

PBB’s net interest income stood at P4.02 billion in nine months to September, driven by its core earnings, which reached P2.19 billion during the period.

The lender’s net interest margin improved to 4.33% in September from 4.06% in March.

PBB’s loans and other receivables rose by 14.7% to P98 billion as of end-September from P85.4 billion last year.

“PBB’s loan portfolio grew 14.7% as credit activity began to gain momentum with the easing of restrictions and the resulting improvements in market demand,” Mr. Avante said.

On the funding side, deposit liabilities inched up by 2.4% to P105.6 billion as of end-September from the P103.1 billion recorded in the same period last year. Time deposits reached P46.1 billion.

The bank’s capital adequacy ratio was at 13.82% as of September. The bank’s minimum liquidity ratio was at 20.02%.

Its total resources as of September reached P125 billion.

“PBB received stockholders’ approval to increase its authorized capital stock from P10 billion to P15 billion during its annual stockholder’s meeting on July 27, 2022. This will better position the bank to support the needs of its SME (small, medium enterprise) clientele,” Mr. Avante said. 

“Subject to regulatory approvals and barring unforeseen events, we expect the completion of our P1.75-billion capital raising initiative in the latter part of 2022 or early in 2023. We are appreciative of the support provided to us by our regulators during this process,” he added.

PBB’s shares closed at P8.25 apiece on Tuesday, up by 16 centavos or 1.98% from the previous finish. — K.B. Ta-asan

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

BW FILE PHOTO LOCAL equities are expected to decline in December as investors are seen to pocket their gains from the market’s recent rally...

Editor’s Pick

Two new surveys have recorded sharp falls in business confidence as the uncertain economic outlook causes companies to become more pessimistic. The latest Lloyds...

Editor’s Pick

A small number of London-based derivatives traders at Goldman Sachs are to move to Milan in a further sign of the steady trickle of...

Editor’s Pick

EasyJet is to increase fares by more than 20 per cent and even higher at peak Christmas holiday times as the airline attempts to...

Editor’s Pick

The struggling discount chain Wilko has warned it could run out of money if it is unable to secure additional financing by the end...

Editor’s Pick

HSBC has announced that it will close 114 branches across the UK from next April as it blames the pandemic for a decline in...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.