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March 02, 2024

Top echelon movement notwithstanding, PNB board to remain intact

The Board of Directors of Lucio Tan’s Philippine National Bank (PNB) led by bankero Wick Veloso is likely to remain intact this year.

Aside from Veloso, nominated to the 15-man board for 2022-23 were PNB chairman and independent director Federico Pascual, vice chairman Leonilo Coronel, tobacco and airline magnate Lucio Tan and wife Carmen, Lucio III, Michael Tan, Vicienne Tan, Sheila Pascual, Florido Casuela, and Estelito Mendoza.

Aside from Pascual, the other independent directors nominated were Edgar Cua, Isabelita Papa, Wilfrido Sanchez, and Domingo Yap.

The bank’s Corporate Governance and Sustainability Committee endorsed the nominees.

Meanwhile, PNB also announced the appointment of first senior vice president Roland Oscuro as data protection officer in concurrent capacity as chief information security officer and head of enterprise information security group.

Oscuro’s appointment took effect last February 16, 2022.


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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