Rizal Commercial Banking Corporation (RCBC) posted a consolidated net income of P 12.22 billion in 2023. It hit a record high profit as customer loans soared by 15% year-on-year, faster than the industry average. CASA deposits increased by 19%, likewise outpacing the industry's 3% growth.
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China Banking Corporation (Chinabank) Reported a PHP 22 Billion Net Income in 2023, Up 15%2/26/2024 China Banking Corporation (Chinabank) reported record profits of P22.0 billion in 2023. Supported by stronger core business revenues, the bank's net income climbed by 15% from 2022, resulting in a 15.5% return on equity and a 1.6% return on assets, which remains among the best in the sector.
A Brown Company, Inc. has successfully concluded its follow-on offering (FOO) and has listed its Series B and Series C preferred shares on the Philippine Stock Exchange on February 23, 2024. A Brown raised P 1.44 billion from the share sale, the offer being 1.44x oversubscribed from the base amount. The offering marks a milestone being the largest capital raising exercise of the company to date.
Manila Electric Company (Meralco) announced that its Consolidated Core Net Income for the year ended December 31, 2023, increased by 37% to P 37.1 billion from P 27.1 billion in 2022. This increase was primarily due to the company's power generation and retail electricity businesses, as well as the ongoing growth in energy sales from its distribution utility ("DU") business.
Philippine National Bank (PNB) reported a consolidated net income of P18.0 billion in 2023, up 55 percent year on year due to strong net interest revenue and decreased credit provisions. Net core banking income, excluding profits from the sale of acquired properties, increased by a record 156 percent year on year. This resulted in a 10% return on equity, up from 7% the previous year.
Highlights: Earnings growth driven by core businesses; ROCE recorded at 15.2%. Loans up 9%, ahead of system growth. Asset quality improving: NPL ratio lower at 1.85%, and NPL coverage up to 185%. Capital position remains robust; Book Value per Share up 12% to P96.75. Sustainability initiatives continued; P63.3 billion ASEAN Sustainability Bonds issued in January.
PSBank, Metrobank Group's thrift banking arm, announced a record-high net income of Php 4.53 billion for fiscal year 2023, up 23% from Php 3.68 billion in 2022. This amounts to an 11.7% return on equity. The bank's strong financial performance was driven by double-digit loan growth, increased investment revenues, and lower expenses due to operational improvements.
Through a Memorandum of Understanding (MoU) aimed at the Philippine enterprise market, New York-based Veea Inc. (VEEA), a leader in integrated smart edge connectivity, computing, and security solutions, and NOW Corporation (NOW Corp) have created a strategic collaboration. Providing private wireless LAN solutions is the main goal.
On February 23, 2024, MerryMart Wholesale marks milestone of exceeding 200,000 total registered members.
Century Properties Group, Inc. announced that it had completed its P2 billion follow-on offering of perpetual, cumulative, non-participating, non-voting, redeemable, and non-convertible Series B Preferred Shares (CPGPB) at the Philippine Stock Exchange (PSE).
Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc.) reported a net income of P277.3 million in 2023, up from P69.3 million in 2022.
Metropolitan Bank & Trust Co. (Metrobank) reported record earnings of PHP42.2 billion, up 28.9% year on year. This translated into a 12.5% return on equity (ROE), up from 10.3% in 2022. Total consolidated assets increased by 9.2% to PHP3.1 trillion in 2023, cementing its position as the country's second largest private universal bank.
The Securities and Exchange Commission (SEC) has suspended the corporate registration of close to 118,000 corporations for failing to comply with their reportorial requirements.
Manulife Financial Corporation has stated that it plans to issue $1.1 billion in principal amount of 5.054% fixed/floating subordinated debentures due February 23, 2034 (the Debentures). MFC intends to submit a prospectus supplement to its current base shelf prospectus in connection with this issuance.
Cebu Air, Inc., Pratt & Whitney Inked a Memorandum of Understanding to Power More Aircraft2/19/2024 Cebu Pacific inked a memorandum of understanding with Pratt & Whitney (P&W) to deliver engines for 15 narrowbody planes for the A320/A321 family of aircraft, bolstering the Philippines' largest carrier's operational resilience and capacity.
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BLOGGER Hi, I'm Ralph Gregore Masalihit! An RFP Graduate (Registered Financial Planner Institute - Philippines). A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy). Currently, I'm working my way toward time and financial freedom. PLACE YOUR ADS HERE FOLLOW ME ON FACEBOOK & X Categories
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