PNB Savings Bank hikes H1 net income by 27%
PNB Savings Bank, the consumer banking arm of Philippine National Bank (PNB), continued to perform stronger as it posted a net income of P233 million in the first half of 2017, a 27% hike from the P183 million net income for the same period in 2016. Net interest income improved by 43% as the Bank continued to sustain growth in its consumer and business loans bookings.
Loan portfolio reached P37.83 billion in the first half, growing by 61%. Despite the increase in loan portfolio, the Bank’s asset quality remains well-managed with gross non-performing loan (NPLs) of 3.24%, which is below the industry’s 5.10%.
Total deposits stood at P31.12 billion, increasing sustainability by 73% year-on-year from P17.95 billion, fuelled mainly by long-term deposits that match the long-term assets of the Bank.
PNB Savings Bank ranked 3rd in the thrift bank industry in terms of capital. With a capital base of P11.582 billion, PNB Savings Bank’s capital adequacy ratio stood at 28.31%, well above the Bangko Sentral ng Pilipinas’ 10% minimum requirement.
“The Bank’s strong performance in the first half of 2017 was mainly driven by the sustained expansion of our core business, consumer loans and deposits. We continue to innovate our products and services, incorporating practical and smart features, and value-added benefits that elevate the whole customer experience and maintain profitability,” said Joven Hernandez, PNB Savings Bank President.
PNB Savings Bank launched several notable product innovations in the first half of 2017, among which are PNB Savings Bank Power Saver Account, PNB Savings Bank Smart Auto Loan and Home Loan Plus.
PNB Savings Bank Power Saver Account is a tiered, high-interest earning savings account that is bundled with free value-added benefits like life and accidental death insurance and telemedicine services. The additional services are available for Power Saver accounts with a minimum average daily balance of only P25,000. The free telemedicine services give customers free and instant access to Philippine-based licensed doctors for consultations, diagnosis and treatment of non-emergency related concerns which sets it apart from other savings account products in the market.
PNB Savings Bank Smart Auto Loan and Home Loan Plus are value-added services extended by the Bank to its auto loan and home loan clients. The products take away the hassle in processing required paper work upon maturity of auto loans, cancellation of chattel mortgage, cancellation of real-estate mortgage, or payment of annual real property taxes. For a minimal fee, PNB Savings Bank will take care of the said loan- related hassles for its clients.
PNB Savings Bank now has 55 branches strategically located nationwide. The Bank aspires to continue expanding its branch network to at least 75 by end of 2017. The Bank will also launch soon its first “Branch of the Future” – which will showcase the latest digital facilities in a retail bank set-up.