May 22, 2007
Updated 09:51:34 (Mla time)
MANILA, Philippines -- Philippine National Bank (PNB) reported a 60 percent year-on-year increase in consolidated net profit for the first quarter to P305.9 million, thanks to lower income tax provision.
The lender, the country's sixth biggest in terms of assets, said its net interest margin dipped 10 percent to 1.34 billion, but this was offset by a 12.3 percent drop in operating expenses to P2.77 billion.
In notes accompanying its results, PNB said its interest income on loans and receivables of P1.66 billion for the three months to March was 17 percent lower than a year before.
Fee-based and other income dropped 11 percent to P1.88 billion.
Provision for income tax was P142 million compared to P261 million for the first quarter of 2006.
http://services.inquirer.net/express/07/05/22/html_output/xmlhtml/20070522-67303-xml.html
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