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May 27, 2024

Alfredo Yao’s PBB profit up 39% on asset growth, efficiency

Bilyonaryo Alfredo Yao’s Philippine Business Bank reported higher profit in 2023, propelled by strategic asset expansion, enhanced interest rate margins, and a reduction in cost-to-income ratio.

PBB reported a net income of P1.82 billion last year, 39.1 percent higher than the P1.31 billion earned in 2022.

Core income reached P3.1 billion, while net interest income stood at P6.42 billion, reflecting a 15.8 percent year-on-year growth.

The bank’s loan portfolio expanded by 13.5 percent , driven by heightened credit activity amid sustained economic recovery and increased market demand for financing.

Cynthia Almirez, PBB’s chief operating officer, emphasized the bank’s resilient performance in the face of fierce industry competition, attributing it to the bank’s evolution into a comprehensive financial institution.

“Maintaining its core income, generating trading gains and fee income, and growing its PTPP and net income is a testament to PBB’s resiliency and discipline,” she said.

“Senior management believes that the bank’s approach of further strengthening its dominant position in the SME market, and sustaining its growth momentum will help establish and position PBB towards its ultimate goal of becoming a major player in the Philippine financial services sector,” Almirez added.