PNB net income climbs 18% to P21.2 billion in 2024

Philippine National Bank (PNB) reported an 18 percent year-on-year increase in its consolidated net income, reaching ₱21.2 billion in 2024, driven by the growth of its core business.

This improved financial performance resulted in a higher return on equity of 10.39 percent for the bank in 2024, compared to 9.95 percent in 2023.

PNB President Florido P. Casuela attributed the success to robust net interest income, effective expense management, and reduced credit provisions, indicating that strategic initiatives are strengthening the bank's market position.

The bank's net interest income, which constituted 83 percent of total operating income, grew by 11 percent to ₱49.3 billion, largely due to an 13 percent increase in interest income from expanded lending and investment activities.

PNB also achieved funding efficiencies through a seven percent rise in current account and savings account (CASA) deposits, which represented 84 percent of its total deposit liabilities.