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

📆 11/4/2024 4:41 PM
📰 TheManilaTimes

⏱ Reading Time:
26 sec. here
10 min. at publisher
📊 Quality Score:
News: 42%
Publisher: 92%

Philippine News

Business,Bank,Net

PHILIPPINE Business Bank Inc. (PBB) 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.

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CIC booked 57% earnings growth to P218m in Q3Concepcion Industrial Corp. (CIC), the country’s leading provider of consumer lifestyle and enterprise solutions, reported a 57-percent rise in
Source: MlaStandard - 🏆 20. / 55 Read more »