Lucio Tan-led Philippine National Bank (PNB) posted a 17% increase in first-half net income to P14.6 billion, the bank reported, as stronger lending activity, higher fee-based revenues, and improving asset quality offset a volatile operating environment.
Net interest income grew on the back of an expanded loan portfolio, while non-interest income also rose, supported by fees and other charges. The bank's non-performing loan ratio improved to 2.8% from 3.1% a year earlier, reflecting better asset quality.
The results were disclosed in a filing with the Philippine Stock Exchange. PNB's performance in the first half underscores the lender's resilience amid a challenging macroeconomic backdrop, the bank said.