Philippine National Bank recognized for good corporate governance
Philippine National Bank (PSE: PNB) has been recognized by the Institute of Corporate Directors (ICD) as among the top-performing publicly-listed companies (PLCs) that ranked high under the ASEAN Corporate Governance Scorecard (ACGS). The award was received by PNB Chairperson Florencia G. Tarriela and First Senior Vice President and Chief Compliance Officer Alice Z. Cordero during the ASEAN Corporate Governance Scorecard Appreciation Ceremony held last July 31, 2018 at the Tower Club in Makati City.
Out of the 245 companies assessed, PNB is among the 21 Philippine PLCs that scored 90 points and above. The bank is also among the Top 5 PLCs in the Financial Sector recognized for exemplary corporate governance practices.
ICD is a non-stock, not-for-profit organization dedicated to professionalizing corporate directorship and raising the corporate governance standards of the Philippines. ICD was appointed by the Securities and Exchange Commission as the domestic ranking body of the ACGS, an instrument for the assessment and ranking of PLCs in six (6) participating ASEAN countries – Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
PNB registered a consolidated net income of P5.4 billion for the first six months of 2018, double its earnings of P2.7 billion for the same period last year. As of end-June 2018, PNB’s total consolidated resources stood at P876.2 billion, up 6% compared to June 2017 balances, while total equity increased by P10.4 billion to P124.3 billion from last year’s levels.