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Philippine National Bank posts YOY increase in FY'18 net profit

Philippine National Bank reported a 17% year-over-year increase in net profit for the fiscal year ended Dec. 31, 2018.

The bank said net income attributable to equity holders rose to 9.47 billion Philippine pesos, or 7.58 pesos per share, from 8.16 billion pesos, or 6.53 pesos per share, in 2017. The bank's EPS attributable to equity holders from continuing operations for 2018 was 7.75 pesos.

The S&P Global Market Intelligence consensus normalized EPS estimate for 2018 was 7.71 pesos, with three analysts reporting.

Net interest income increased to 27 billion pesos from 22.02 billion pesos in 2017. The bank's net interest margin stood at 3.30% as of Dec. 31, 2018, compared to 3.11% as of Dec. 31, 2017.

Net service fees and commission income reached 3.48 billion pesos in 2018, up from 3.20 billion in 2017. The bank said its total operating income for 2018 increased to 38.90 billion pesos from 32.33 billion pesos in the prior-year period.

The bank reported nonperforming loan ratio of 2.28% for 2018, compared to 2.46% in 2017.

The bank's capital risk asset ratio stood at 14.35% and its common equity Tier 1 ratio at 13.55% at the end of 2018, compared to 15.35% and 14.58%, respectively, in 2017.

As of March 18, US$1 was equivalent to 52.74 Philippine pesos.