PNB posts P1.53B net income in H1

THE Philippine National Bank (PNB) has announced Thursday it has posted a net income of P1.53 billion for the first half of 2009, or 37 percent higher than the P1.12 billion netted in the same period in 2008.
PNB, in its disclosure to the Philippine Stock Exchange (PSE), also reported its net interest income for the first six months of 2009 amounted to P4.2 billion or higher by 40 percent than the 2008’s P3 billion.
”Income from loans and investment securities grew by an average 39 percent, more than enough to outpace the increase in interest paid for deposits and other borrowings,” the bank further said.
It also disclosed in the first half of 2009, lending activities grew in its consumer, corporate and small medium enterprises (SME) segment.
PNB also added its loan releases amounted to P43 billion during the period.
The financial institution also announced that it has availed of the Bangko Sentral ng Pilipinas’ (BSP) rediscounting facilities to further improve its net interest margins.
”Deposits, on the other hand, steadily grew, at the P200 billion mark, with the deposit mix, improving in low cost funds,” PNB further declared.
The bank also reported its non-performing loans (NPL) went down to 8.2 percent for this first half compared to 2008’s 12.2 percent.
As of June 2009, PNB’s total resources amounted to P274.6 billion, it said.