Philippine National Bank's net profit rises to $257.1m in 9M 2024

Earnings per share stood at $0.17.

The Philippine National Bank (PNB) reported an 11.6% year-on-year (YoY) increase in net income to $257.1m (₱15.1b) in the first nine months of the year, driven by strong net interest income, its bourse filing showed.

For the third quarter, PNB's net income was $81.73m (₱4.8b), up from $64.7m (₱3.8b) in the same period last year.

Net interest income reached $621.48m (₱36.5b) in the first nine months, with gross interest income climbing to $110.67m (₱6.5b). This was primarily due to higher yields and volumes from loans, investment securities, and interbank receivables.

Quarterly net interest income grew 8.9% YoY, reaching $211.13m (₱12.4 billion), fuelled by increased volumes and yields in trading, investment securities, and loans.

Earnings per share stood at $0.17 (₱9.80).

$1 = ₱58.73