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Philippine National Bank Q1 net income surges 114.2% YOY

Philippine NationalBank posted a 114.2% year-over-year increase in consolidated net incomefor the first quarter ended March 31, aided by improvements in its core businessand favorable market conditions.

The bank's net income attributable to equity holders rose to2.57 billion pesos from 1.20 billion pesos. EPS jumped to 2.06 pesos from 96 centavosin the prior-year quarter.

Net interest income increased to 4.66 billion pesos from 4.14billion pesos, while net service fees and commission income climbed to 846.3 millionpesos from 714.3 million pesos. Net insurance premiums jumped to 77.5 million pesosfrom 43.3 million pesos in the prior-year period.

The bank's net interest margin stood at 3.2%, the same as inthe prior-year period.

The bank also said favorable market conditions led to an increasein net trading and investment securities gains, which rose to 340.7 million pesosfrom 206.3 million pesos. Net foreign exchange gains rose to 405.0 million pesosfrom 290.6 million pesos. Net gain on sale or exchange of assets also increasedto 1.48 billion pesos from 300.2 million pesos.

As of March 31, the group's net nonperforming loans ratio stoodat 0.26%, while the gross NPL ratio was at 2.43%. The group recorded net NPL ratioof 0.25% and gross NPL ratio of 2.61% at the end of December 2015.

The group's capital adequacy ratio declined to 17.77% from 19.24%in December 2015. The Tier 1 ratio increased to 16.91% from 16.23% over the sameperiod.

As of May 4, US$1 was equivalentto 47.27 Philippine pesos.