PHILIPPINE BANK of Communications (PBCom) saw its net income surge 71% in the third quarter, driven by sustained growth across all businesses and a slight decrease in operating costs.
In a regulatory filing on Monday, the listed bank said its consolidated net income reached P224 million during the July to September period, higher than the P131.2 million booked a year ago.
PBCom’s net interest income increased by 6% to P702.25 million during the third quarter, from P658.75 million in a comparable year-ago period. This was driven by loans and receivables that jumped 12% to P809.9 million from last year’s P718.26 million.
However, income from investment securities fell 20% to P148.48 million during the July to September period, from P185.03 million booked last year.
For the third quarter, total operating income climbed 7% to P989.55 million, while expenses fell by 3% to P710.66 million.
The robust third quarter growth pushed PBCom’s nine-month earnings to P551.07 million, a 191% increase from last year’s P189.07 million.
“The increase was brought about by interest on loans and receivable that improved by 9.52% or P199.79 million from same period of last year’s level of P2.10 billion to P2.30 billion of the current year,” PBCom said.
PBCom said total assets as of end-September stood at P92.46 billion, up 7% from the P86.5 billion booked at the end of 2016.
Non-performing loan ratio stood at 1.03%, while total capital adequacy ratio on a Basel III basis remained above the regulatory limit to 16.04%. — Karl Angelo N. Vidal