Philippine Business Bank, the financial arm of the Yao Group of Companies, posted a net income of P610.2 million in the first nine months of 2018, up 39 percent from P440.3 million a year ago, driven by the sustained strength in core businesses.
The bank said in a disclosure to the stock exchange Thursday interest income expanded 40 percent to P3.9 billion from ₱2.8 billion in 2017. Pre-tax pre-provision profit grew to ₱1.0 billion from ₱762.3 million, a 35.3-percent increase year-on-year.
Core income for the nine-month period also grew 66 percent to P1.1 billion from P648 million in the same period last year.
Bank president and chief executive Roland Avante said PBB’s profitability continued to strengthen.
“The 38.6-percent growth in net profit year-on-year underscores the bank’s transformation from a treasury-focused institution to a full-service thrift bank. Our core income, at ₱1.1 billion, is also higher by 66 percent versus the same period last year,” Avante said.
