Philippine National Bank's consolidated net profit rose 14% year over year to 8.20 billion pesos from 7.20 billion pesos, driven by growth in the lender's core operating income.
Net interest income also edged up 13%, citing an expansion in its portfolio to 502.10 billion pesos, from 73.90 billion pesos in 2016.
The Manila-based bank said its total deposits grew 12% to 637.90 billion pesos. Net service fees and commission income increased by 16%, on the back of growth in loan- and deposit-related services and improved investment banking fees.
Operating expenses excluding provisions for impairment and credit losses, grew 7% over the same period last year.
Meanwhile, the lender booked higher net gains on the disposal of foreclosed properties at 3.90 billion pesos in 2017, compared with 2.50 billion pesos in 2016, in line with its ongoing strategy to cut nonperforming assets.
As of March 15, US$1 was equivalent to 52.12 Philippine pesos.
