PNB to sell prime properties to boost capital

ABS-CBN News

Posted at Sep 10 2020 07:00 PM

MANILA - The Philippine National Bank on Thursday said it would sell its prime properties to strengthen the company’s financial position. 

PNB president and CEO Wick Veloso said the planned sale was part of the bank’s strategy to reduce its low earning assets, improve earnings and boost its capital. 

“A number of options are being considered and the terms of the execution will be disclosed when all the needed approvals are obtained. Our aim is to complete this at the soonest possible time,” Veloso said in a statement.

PNB's net interest income increased by 19 percent to P17.5 billion in the first half of the year compared to the same period a year ago, the bank disclosed to the stock exchange last month. 

But the bank also had to set aside P8.4 billion for possible bad loans due to the COVID-19 pandemic.