PNB Q1 net income drops 29.7%, provisions up

Philippine National Bank (PNB) reported a 29.7% decline in net income for Q1 2020 due to higher loan loss provisions amid the COVID-19 pandemic.

Net income dropped to P1.3 billion from P1.9 billion year-on-year, with loan provisions increasing to P3.4 billion from P346 million.

Total revenue grew by 33% to P12.4 billion, driven by a 77% increase in net profit before taxes and provisions for impairment.

PNB's president emphasized the need for prudence during uncertain times and highlighted initiatives like bank-on-wheels services and loan payment extensions to support customers.