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March 01, 2024

PNB to raise funds through asset sales

Philippine National Bank (PNB) is planning to raise nearly P4 billion through the sale of commercial and real estate properties across the country.

The Lucio Tan-led bank will be selling various assets via public bidding, including a 200,042-square-meter commercial lot with improvements worth P2.3 billion in Bacolod City and a 510,479-sqm residential land in Tagaytay City valued at P1.68 billion.

Other assets to be sold include several commercial, residential, and industrial lots in various provinces.

Interested parties have until 9 am of March 23 to submit sealed bids along with a 10% deposit in the form of a manager or cashier’s check to the Acquired Assets Management Group at the PNB Financial Center in Pasay City.

The bank also encouraged prospective bidders to inspect the properties and examine the legal status of the title prior to submitting their bids as the sale is on an as-is, where-is basis.

The winning bidder will take possession of the property only upon award subject to PNB’s approval, and the execution of the contract to sell or deed of absolute sale, and payment of relevant charges.

Last month, PNB auctioned P12-billion worth of acquired assets in the National Capital Region and the provinces.

Meanwhile, the bank raised P3.68 billion from the sale of its foreclosed Manila North Harbor property to International Container Terminal Services Inc in April last year.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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