Security Bank doubles profit to P6.2b; PNB registers 50% decline in earnings

months of 2022 jumped 100 percent to P6.2 billion from P3.1 billion a year ago, driven by growth in core businesses, lower credit provisions and normalized income tax provisions.

“We are very pleased by the continued improvement in our core businesses. Our growth in loans and investment securities is a tangible manifestation of our commitment to clients to support the reopening of the economy and address the impact of inflation,” Security Bank president and chief executive Sanjiv Vohra said in a statement.

Meanwhile, Philippine National Bank controlled by airline and tobacco tycoon Lucio Tan posted a 50-percent decline in net income in the first half to P11.1 billion from P22.1 billion a year ago.“The year-to-date net income is lower than the P22.1-billion net income posted for the same period last year as the bank recognized a one-off P33.6 billion gain from the property-for-shares swap transaction executed in 2021,” the bank said in a statement. Julito G.

Net interest income increased by 3 percent from the same period last year to P17.3 billion on account of higher yields on loans and receivables, coupled with lower cost rate of deposits, improving the net interest margin of the bank to 3.4 percent from 3.3 percent in the same period in 2021.

Source: News Formal (newsformal.com)

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