Manila Bulletin
PBB profit surges to ₱394 M in Q1
Philippine Business Bank (PBB) reported a 57.1% increase in net earnings for the first quarter of 2020, reaching P394.4 million, driven by the growth of its core businesses.
Despite challenges like the Taal Volcano eruption and the COVID-19 pandemic, PBB's core income and net income showed good year-over-year growth.
The bank's interest income rose by 20.5% to P1.922 billion compared to the same period last year.
PBB President and CEO Roland R. Avante noted that opportune conditions in the treasury business are expected to persist in the first half of the year.
In preparation for potential disruptions, PBB has doubled its provisioning from the previous year and is conducting a thorough review of its balance sheet and client operations.
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