Improvements in revenue, lower expenditures, and smaller loan provisions helped listed Philippine National Bank’s net profit rise in the first quarter of this year. In a disclosure on Friday, the Tan-led lender said it netted P1.8 billion during the period, a pick up of 34 percent year-on-year. PNB attributed the amount to the 35-percent climb in its net service fees and commissions, which was traced from higher fees from underwriting activities as well as credit cards and bancassurance businesses. Its consolidated resources were P1.1 trillion at the end of March, up 4 percent from the previous year. PNB shares declined by P6.95 or 24.39 percent finish at P21.55 each on Friday.

Source: Manila Times May 14, 2021 16:47 UTC