PNB reports 18% year-on-year net income growth to P21.2 billion

Philippine National Bank (PNB), part of the Lucio Tan Group, reported a double-digit increase in its consolidated net income to P21.2 billion for 2024, marking an 18% year-on-year growth.

The bank's president, Florido Casuela, highlighted that this performance was driven by robust net interest income and prudent expense management, with lower credit provisions contributing to the financial success.

Net interest income rose 11% to P49.3 billion, fueled by increased lending and investment activities combined with higher yields, while fee-based business grew by 4% to P5.5 billion due to an increase in transaction volumes covering loans, credit cards, deposits, and trade.

PNB's total assets grew by four percent year-on-year to P1.3 trillion, bolstered by higher loans and investment portfolios, resulting in stronger capital adequacy ratios well above regulatory requirements.

The bank emphasized its strategic initiatives that contributed to its market position among leading banks, with a focus on sustaining growth across core business segments.