Philippine National Bank (PNB) on Monday reported a consolidated net income of P6.1 billion in the first quarter of 2025, up 15 percent from P5.3 billion recorded in the same period last year.
Core income rose 10 percent to P14.1 billion from P12.87 billion in the first quarter of 2024.
Net interest income increased 9 percent to P12.7 billion, driven by higher loan volumes and an increase in treasury assets.
Other income rose to P1.9 billion from P1.2 billion a year ago due to gains from trading, foreign exchange transactions and the sale of foreclosed properties.
Operating expenses also went up by 10 percent to P8.1 billion as the bank continued to grow its consumer business. Taxes and licenses advanced due to higher business volume.
Provision for impairment losses dropped 55 percent to P277 million from a year ago. PNB credited this to improved loan quality and stronger credit underwriting.
“The first-quarter financial results this year reflect the strength of PNB’s franchise in its wholesale and retail businesses. Excluding the impact of non-recurring gains from the sale of foreclosed assets, the growth in the Bank’s core income continued to drive the Bank’s earning momentum,” said PNB president Florido Casuela in a disclosure to the stock exchange.
“We expect that the quality of the bank’s earnings will further improve since we have already put in place the necessary foundation for the Bank’s sustained stability and accelerated growth,” he said.
The bank’s total assets stood at P1.28 trillion as of end-March 2025, or 2 percent higher than the end- 2024 level. Net loans and receivables rose to P655.9 billion, while deposit liabilities reached P988.3 billion.
Debt watcher Moody Ratings early this month upgraded PNB’s credit rating from Baa3 to Baa2, now one notch above investment grade. The outlook was also changed to stable, reflecting the bank’s stronger profitability, capital and liquidity.
