PNB posts P2.2 billion net income in 2009

(philstar.com) 

MANILA, Philippines (Xinhua) – Philippine National Bank, the country's fourth biggest lender in terms of assets, posted a net income of P2.2 billion in 2009, up 100 percent from 2008, on sustained growth in its lending business and improved asset quality.

In a disclosure sent today to the Philippine Stock Exchange, PNB officials said the bank's net income rose 11 percent on increased lending activities.

PNB was lead or co-arranger of several landmark deals in telecommunications, energy and infrastructure sectors. Intensified promotional campaigns boost its consumer lending.

PNB's loans and receivables increased 14 percent. Deposits rose 7 percent to P215 billion as the company expanded its deposit products, providing clients with more options to grow their money. These products include deposit certificates, and medium-term dollar, peso and renminbi time deposits.

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