Philippine Business Bank net income surges 57% to P1.8B

PHILIPPINE Business Bank Inc. said Monday that its nine-month net income had surged by 57.1 percent to P1.8 billion from P1.1 billion a year earlier, just a touch below the bank's full-year 2023 result of P1.82 billion.'This growth was driven by the ability to capitalize on the high-interest rate environment, effective cost management, and a 50-percent growth fee-based income,' said Rolando Avante, PBB vice chairman, president and CEO.

Total loans and receivables rose 13.1 percent to P120.6 billion while total resources stood at P161.3 billion and total deposits reached P131.9 billion.Trading gains reached P402 million, reversing the P82.9-million loss booked in 2023, resulting in a pre-tax pre-provision profit of P2.8 billion.Shareholders' equity stood at P19.7 billion for a book value per share of P23.31 net of preferred shares.The bank's annualized return on assets and equity improved to 1.49 percent and 12.

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