MANILA — Philippine National Bank (PSE: PNB) closed the year 2020 with net profit before provisions for impairment and taxes of P17.6 billion, an increase of 17 percent year on year, driven by continued improvement on net interest income and robust trading gains amid the economic downturn due to the COVID-19 pandemic.
PNB’s net interest income, comprising 79 percent of the total operating income, increased by 11 percent to P35.8 billion, supported by lower funding cost which cushioned the drop in yield rates of earning assets.
Interest expense on deposits declined by almost half its year-ago level despite an 8% percent growth in deposits to P890.3 billion as the bulk of these inc…
Keep on reading: PNB sustained profitability in 2020 amid the pandemic