Philippine Business Bank (PSE: PBB) showcases a solid financial uptick, with net interest income up 18% to ₱4,743.3 million, propelled by an increased net interest margin of 4.79%, PhilippinesToday reported.
The bank’s core income rose to ₱2,205.7 million in the first three quarters of 2023, with pre-tax pre-provision profit growing by 13.3% to ₱2,122.8 million.
A noteworthy 23.6% boost in net income to ₱1,145.6 million reflects PBB’s strategic growth and efficiency, as the cost-to-income ratio improved to 41.8%. Revenues climbed 40%, with operational expenses up only 13.3%, underlining a focus on cost effectiveness.
Targeting the Small and Medium Enterprise (SME) sector, which constitutes 99.5% of the country’s registered businesses, PBB aligns with the Yao Group’s vision to spur entrepreneurial dynamism.
Financially, PBB is solid with ₱106.6 billion in loans and ₱140.1 billion in resources. The bank reported ₱116.2 billion in deposits and ₱17.0 billion in equity. Returns on assets and equity stood at 1.09% and 9.00%, respectively, with a capital adequacy ratio of 13.30% and liquidity ratio of 23.06%, surpassing regulatory standards.
Amid challenging conditions, PBB remains committed to supporting the Philippine economy’s growth and becoming the SMEs’ bank of choice, leveraging strong results to foster economic resilience.