Philippine Business Bank’s Net Income Reached P1.0 Billion in H1-2024; Total Assets Expanded by 12.6% to P154.4 Billion Against H1-2023’s P137.2 Billion

​Philippine Business Bank reported an interest income of P5,184.1 million in the first six months of 2024, a 17.2% increase YoY. Core income reached P1,710.0 million and profit before tax was at P1,382.2 million. Net income grew 18.7% to P1,032.0 million from P869.2 million.

Total loans and receivables reached P118.7 billion as of 1H24, up 14.3% YoY. Total resources stood at P154.4 billion as of end-June 2024. On the funding side, deposit liabilities were at P126.4 billion as of 1H2024.

Shareholders’ equity was at P18.4 billion, equivalent to a book value per share of P21.77 net of preferred shares. Annualized returns on assets and equity improved to 1.34% and 11.19%. The Bank’s capital adequacy ratio was 12.66% and minimum liquidity ratio at 20.80% at the end of the first half of 2024, above the adjusted statutory requirement of 10.0% and 20.0%, respectively.

“PBB performed well in the first half of 2024 generating a net income of P1.0 billion. This highlights the strength of PBB’s business model and underscores its effective recovery and growth strategies following the challenging pandemic years and the ongoing uncertainty in the economic conditions. PBB reached this milestone faster in 2024 than in previous years, in 2023 it took PBB nine months to reach P1.1 billion in net income, and eleven months in 2022.

In the next six months, the Bank is committed to sustaining our positive income momentum by continuing to enhance our product offerings and provide innovative solutions tailored to meet the evolving needs of its clients. The Bank is looking forward to working together with our clients, shareholders, and employees in building stronger business communities,” said Cynthia Almirez, Chief Operating Officer of Philippine Business Bank.

PBB is the financial services arm of the Yao Group of Companies. The Bank aims to become the bank of choice of the underserved SME market segment. This focus on the SME market is driven by the size and potential of this particular market. According to recent data from the Department of Trade and Industry, SMEs account for 99.5 percent of total registered enterprises. The Bank believes that the SME segment is the major source of entrepreneurship and economic dynamism which provide trade, manufacturing, and services and help contribute to community and local development. The SME segment is underserved with most financial institutions focusing on the banking requirements of large corporations. The Bank has a total of 158 branches nationwide.