Philippine National Bank (PNB) reported a decline in attributable net income by 63.55 percent year on year to P11.53 billion in 2022 due to the absence of one-time gains realized the previous year, according to the financial statement disclosed to the local bourse on Thursday.
In 2022, PNB’s consolidated income dropped from the P31.63 billion seen in 2021, which included a one-off gain of P33.6 billion from the transfer of prime real estate properties in exchange for shares of PNB Holdings Corp.
PNB’s net interest income rose by 7.15 percent from P34.84 billion in 2021 to P37.33 billion last year.
In addition, the bank’s other operating income more than doubled from P3.58 billion percent to P9.18 billion, buoyed by increased profits from foreign exchange and the sale or exchange of assets, helping offset a net loss incurred from trading and investment securities.
However, operating expenses rose by 8.49 percent to P28.37 billion in 2022 from P26.15 billion the year prior.
Meanwhile, the bank’s total assets declined to P1.15 trillion from P1.19 trillion the previous year, and loans and receivables went down to P593.1 billion from P606.95 billion.
In the previous year, the bank’s capital adequacy ratio increased to 15.38 percent from 13.66 percent, whereas its common equity Tier 1 ratio rose from 12.96 percent to 14.58 percent.