PNB net earnings surge 21.63% in first semester

Philippine National Bank (PNB) reported a 21.63% increase in net earnings for the first semester, reaching P12.52 billion, driven by sustained improvements in core revenues.

Net interest income rose by 5.79% to P13.05 billion in the second quarter, and net service fees and commission income also contributed to profitability.

The bank's net profit for the second quarter alone jumped by 28.95% year-on-year to P6.43 billion.

PNB's total assets stood at P1.29 trillion as of end-June, with its deposit base breaching the P1-trillion mark for the first time.

PNB president and CEO Edwin Bautista is confident the bank can sustain its earnings momentum in the second half, targeting double-digit earnings growth for the rest of the year.

Bautista cited strong fundamentals, aggressive lending plans, and ongoing digital transformation as factors for expected continued growth.

He also believes PNB's stock price is still undervalued despite recent increases.