Philippine National Bank (PNB) recorded a 17% increase in net profit for the first half of the year, bringing total earnings to ₱14.6 billion, up from ₱12.5 billion in the same period a year ago.
The financial institution credited the earnings growth to stronger net interest income, which rose 7% on the back of a 12% boost in interest earnings from its lending activities.
PNB’s total loan portfolio grew 10% to reach ₱764 billion. Corporate and commercial loans expanded by 11%, while consumer loans experienced a steeper 21% increase.
“About 90% of consumer loan expansion during the first half of the year was in the secured lending area, particularly housing loans,” said chief financial officer Francis Albalate.
“We are not seeing any deterioration in the portfolio’s credit quality despite the current market environment.”
The bank’s total assets also rose 4.4%, climbing to ₱1.35 trillion from ₱1.29 trillion recorded in the previous year.