MANILA, Philippines – Philippine Business Bank (PBB) earnings increased by 42 percent as contributed by its trading business boost.
PBB’s net income increased from P449.7 million recorded last year of the same period, resulting to P670 million registration from January to September this year. This is an increase of a staggering P220.3 million.
Net interest income climbed up to P1.81 billion, which is a percent increase. Loan-driven interest income perked up to P1.96 billion, a 2.2. percent climb.
Service charges, fees, commissions, and miscellaneous non-interest income dropped from P145 million to P140.2 million, a decline by 3.3 percent against last year’s record.
The bank considered expenditures on economical trading opportunities in the year’s third quarter. Relatively, a fall by 80.2 percent was recorded for its trading and investment securities.
In the first nine months, trading gains reached P383.9 million, a surge by 416.6 percent.
Total resources of the bank are valued at P65.7 billion in the nine-month period as expansion of loans and receivables were registered. From P41.7 billion, the segment grew to P47.3 billion, a 13.4 percent increase.
A 15.5 percent increase in total capital was booked from 2015 year-end record of P8.5 billion to P9.8 billion.
Roland Avante, PBB’s President and Chief Executive Officer, stated that the bank was able to take advantage of the global treasury market trend through its shift of asset mix during the third quarter. He stated that even its lending business expanded to address its clients’ needs. The implemented bank changes involve support functions and account management areas.
He emphasized that the bank’s nationwide presence is contributing to its growth. It has now a total of 151 branches nationwide, which is composed of 12 acquisition-based divisions and 139 branches.
Avante added that they are confident that their core income will further advance with the diverse changes they acquired. The organization is even expecting a strong year-end.
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