Philippine National Bank, the country’s fifth largest lender in terms of assets, said net income in the first quarter jumped 117 percent to P2.6 billion from P1.2 billion a year ago.
“The robust first-quarter performance was driven by substantial improvements in both core and non-recurring revenues,” the bank said in a statement.
Income from core businesses continued to show progress as net interest income increased 12 percent year-on-year, on the back of an 18-percent growth in loan portfolio and improvement in loan-to-deposit ratio to 71 percent from 69 percent a year-ago.
Meanwhile, China Banking Corp., the eighth largest bank, said consolidated net income in the first quarter grew 15 percent to P1.39 billion on steady growth of core businesses and a 27-percent increase in non-interest revenues.
China Bank said the first three months’ growth translated into a return on equity of 9.23 percent and a return on assets of 1.05 percent.
“We are gratified with the double-digit growth in our first quarter results. Our strategic thrusts of sustaining our core businesses and strengthening our fee-based businesses even as we continue to expand our network are starting to bear fruit,” China Bank president and chief executive Ricardo Chua said.