Philippine National Bank said Thursday net income grew 27 percent in the first nine months from a year ago, despite weak trading and foreign exchange gains.
The bank said net income as of end-September hit P4.7 billion, up from 3.7 billion recorded in the same period last year.
Operating income also increased 5 percent to P20 billion, amid substantial gains from sales of assets and net service fees.
Net interest income, which accounted for 66 percent of total operating income, rose 5 percent from the year-ago level that included one-time gains from the redemption of non-performing assets.
The bank said loans grew 13 percent year-on-year to P329 billion. It said as of end-September, total assets reached P653.5 billion.
Asset quality steadily improved as the non-performing loan ratios declined further to 0.30 percent (net of valuation reserves) and 2.99 percent (at gross) from 1.0 percent and 3.8 percent, respectively, a year ago.