PNB net income rises 11.56% to P15.06 billion in first nine months

Philippine National Bank (PNB) reported an 11.56 percent increase in net income, reaching P15.06 billion for the first nine months of 2024 compared to P13.5 billion last year.

This growth was driven by a robust 10.41 percent rise in net interest income to P36.48 billion, which now accounts for 83 percent of the bank's total operating income.

Interest income climbed 15% due to expansion in loans, investments, and improved yields, while interest expense on deposits was contained.

Net service fees and commission income declined by 16.55% to P3.58 billion from P4.29 billion.

The bank's core revenues steadily increased as policies and processes were enhanced to sustain growth momentum in core banking activities amidst continued economic expansion, according to PNB Chief Financial Officer Francis B. Albalate.