THE PHILIPPINE National Bank (PNB) reported that its net income increased to P9.8 billion last year, with strong growth in net interest income, fees and commissions as well as trading gains. Excluding the impact of non-recurring gains from the sale of foreclosed assets, the bank’s core net income grew by 57 percent year-on-year,” PNB President and Chief Executive Officer Jose Arnulfo“Wick” Veloso stressed. Meanwhile, its net gains from the sale of acquired assets declined by 88.30 percent to P690 million compared to last year’s P5.9 billion. “Despite the reduction, total operating income registered a 6 percent improvement on account of solid growth in core revenues. Excluding net gains from sales of foreclosed asset sales, total operating income increased by 22 percent year-on-year,” PNB also said.

Source: Manila Times March 09, 2020 16:12 UTC