Philippine National Bank : PNB profit up 15% to P6.8 B in 2015

MANILA, Philippines Earnings of listed Philippine National Bank (PNB) grew 15 percent last year, mainly due to higher earnings from its core business.The bank owned by tobacco and airline magnate Lucio Tan booked a net income of P6.8 billion, up P900 million from the P5.9 billion recorded in 2014.Net interest income rose seven percent to P17.7 billion, accounting for 67 percent of the total operating income last year.Despite the squeeze in margins, interest income on loans and receivables grew 13 percent to P17.1 billion, supported by a steady growth in the bank's loan portfolio, propelled by strong corporate and commercial or small and medium sized enterprises (SME) lending business.The loan-to-deposit ratio jumped 74 percent as PNB's 18 percent loan expansion outpaced the industry's 13 percent growth.PNB continued to improve its asset quality as net non-performing loans (NPL) ratio decreased to 0.25 percent last year from 0.92 percent in 2014 while the NPL coverage ratio improved to 125.57 percent from 99.19 percent.element-invisibleBusiness ( Article MRec ), pagematch: 1, sectionmatch: 1© Pakistan Press International, source Asianet-Pakistan

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