Philippine Business Bank 1Q Profits Reach PhP593M

Caloocan—(PHStocks)—The Philippine Business Bank (PSE: PBB) posted PhP593 million in net earnings for the first quarter ending March 2013, which is 34.1% over it’s a year ago earnings. The favorable Treasury markets contributed to the strong performance for the quarter.

Total Resources grew from PhP27.9 billion in March 2012 to Php36.2 billion. Loans rose by 42.93% to PhP22.093 billion. Liquid assets were at a high PhP11.1 billion compared o last year’s PhP9.68 billion. Overall earning assets grew at 32.01% totaling Php33.2 billion. Deposits increased from PhP22.04 billion a year ago to Php26.32 billion or a growth rate of 19.4%.

NPL ratio likewise improved at 2.51% from its year end rate of 3.09%. NPL cover is at a high 101.77%. CAR is still at a high 31.5%.

Fresh from their initial public offering of common shares, the bank continues to expand and service their target niche market, the SMEs. The bank branches are situated near the SME rich areas of CAMANAVA and the key cities of Visayas and Mindanao. The bank branches now totals to 79 and will grow to 100 within the year as funded by the IPO proceeds.