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Philippine National Bank Q2 net income falls 48.3% YOY

Philippine National Bank posted a 48.3% year-over-year decline in net income for the quarter ended June 30 due to a significant decline in net gains on sale or exchange of assets.

The bank said Aug. 9 that net income attributable to equity holders of the parent fell to 2.04 billion Philippine pesos from 3.95 billion pesos in the prior-year period. EPS slipped to 1.64 pesos from 3.16 pesos.

The lender also booked net income from discontinuing operations of 25.9 million pesos, compared to a net loss from discontinuing operations of 113.3 million pesos over the same period last year.

Net interest income for the period went up to 7.64 billion pesos from 6.64 billion pesos, mainly due to the growth in loan and investment securities portfolios. Meanwhile, net service fees and commission income grew to 888.4 million pesos from 825.1 million pesos.

The bank booked net gain on sale or exchange of assets worth 31.0 million pesos, down from 4.18 billion pesos a year earlier. Provision for income tax also fell to 598.5 million pesos from 1.51 billion pesos.

Total operating income dropped to 9.73 billion pesos from 12.83 billion pesos, while total operating expenses slightly went down to 7.09 billion pesos from 7.23 billion pesos.

At the end of June, the bank's gross nonperforming loan ratio came in at 1.73%, down from 1.76% as of Dec. 31, 2018 and from 1.89% as of June 30, 2018. Its net NPL ratio stood at 0.32%, down from 0.34% at the end of 2018, but up from 0.30% in the year-ago period.

Philippine National Bank's capital adequacy ratio as of June 30 came in at 14.00%, down from 14.35% and 15.14% as of Dec. 31, 2018 and June 30, 2018, respectively. Its Tier 1 ratio for the period also fell to 13.23% from 13.55% at the end of 2018 and from 14.39% at the end of June 2018.

As of Aug. 9, US$1 was equivalent to 51.93 Philippine pesos.