Philippine Business Bank’s Q124 Net Income Grew to P511.5 Million

In the first three months of 2024, Philippine Business Bank (PBB) generated interest income of P2,519.3 million, a 14.1% YoY increase. Profit before taxes was P679.8 million, while core income reached P782.5 million. From P488.8 million to P511.5 million, net income increased by P22.7 million.

As of Q124, total loans and receivables were P112.1 billion. The total resources as of the end of March 2024 were P147.8 billion. As of Q12024, deposit liabilities amounted to P119.4 billion on the funding side.

The total value of stock held by shareholders was P18.4 billion, or P21.74 per share, after preferred shares were subtracted. The yearly returns on equity and assets increased to 11.11% and 1.38%, respectively. In the first quarter of 2024, the bank's minimum liquidity ratio was 22.40% and its capital adequacy ratio was 13.16%, both higher than the modified statutory requirements of 10.0% and 20.0%, respectively.

“PBB showed resilience amidst the economic uncertainty, achieving a net income of P511.5 million in the first three months of 2024. The Bank's fee-based income growth of 62.4% played a significant role in boosting PBB's overall revenue. Fee-based income encompasses revenue streams independent of traditional interest-based transactions, offering stability and predictability amidst volatile interest rates. This helps PBB from the volatility inherent in interest income, enhancing the Bank’s resilience in navigating the current economic uncertainties.
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The bank hopes to complete the year with P20.0 billion in equity, which would put it one step closer to obtaining its universal banking license. This year represents a significant turning point in the bank's history. By becoming a universal bank, PBB will be able to offer investment banking, wealth management, and bancassurance, among other services and products, creating new revenue streams for the bank.
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PBB hopes to increase market share, boost revenue growth, and give investors more alluring returns in the form of cash dividends by broadening its range of offerings. As it sets out on this exciting road to become a universal bank, PBB looks forward to the ongoing support of its clients, shareholders, and employees,” stated Cynthia Almirez, Chief Operating Officer of Philippine Business Bank.