PNB H1 net income rises 18% to P1.8-B


Posted at Aug 17 2010 10:26 AM | Updated as of Aug 17 2010 06:26 PM

MANILA, Philippines - The Lucio Tan-owned Philippine National Bank said on Tuesday its first semester net profit grew by 18% from a year ago to P1.8 billion, boosted by higher deposits and trading gains.

PNB's first semester earnings already exceeded its P2.2 billion full year profit in 2009.

Based on its reported first quarter earnings of P889 million, PNB's net income in the second quarter stood at P911 million.

In a disclosure to the Philippine Stock Exchange, PNB said its deposits for the first six months went up by P10 billion to P224.4 billion.

Trading gains surged by 127% to P605 million.

PNB shares were trading at P43 in early session on Tuesday.