GMA News
PNB net income in Q1 down 29.7% on higher loan loss buffer
Philippine National Bank's (PNB) net income experienced a significant decline of 29.7% in the first quarter of 2020, amounting to P1.3 billion, primarily due to increased loan loss provisions aimed at mitigating the economic impact of the COVID-19 pandemic.
The bank proactively increased its loan provisions to P3.4 billion, a substantial rise from P346 million in the same period last year, to brace for economic uncertainties.
Despite the drop in net income, PNB's net profit before taxes and provisions for impairment saw a remarkable increase of 77% year-on-year.
Total revenues for the bank grew by 33% to P12.4 billion, driven by growth in net interest income and non-interest income, particularly from securities trading.
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Philippine Savings Bank (PSBank) reported a 5.1% decrease in its net income for the first quarter, amounting to P646.2 million.
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China Banking Corporation (China Bank) reported a 19 percent increase in net income, reaching ₱2.2 billion in the first quarter of 2020, driven by strong core business growth despite the enhanced community quarantine.
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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.
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EastWest Banking Corporation (EW) reported a 75% increase in net income to ₱2.3 billion in the first quarter of 2020, despite setting aside ₱1.6 billion more for loan loss provisions in anticipation of the economic impact of COVID-19.
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