Philippine Business Bank (PBB), a savings bank, grew its net income as of end-September to a record P1.8 billion by 57 percent.

In a disclosure to the Philippine Stock Exchange on Monday, PBB reported its net interest income jumped by 16.1 percent to P7.8 billion as loans and receivables amounted to P120.6 billion or 13.1 percent higher than the year-ago level.

“This growth was driven by the ability to capitalize on high-interest rate environment and effective cost management,” PBB said.

Meanwhile, non-interest income from service fees to clients surged by 50 percent while trading gains reached P402 million.

Deposits also rose by 13.5 percent to P131.9 billion.

Core profit rises

Given its double-digit growth in lending and other main businesses, PBB posted a higher core income of P2.4 billion, up from P91.3 million year-on-year.

Shareholders’ equity stood at P19.7 billion, translating to a book value per share of P23.31 net of preferred shares.

Meanwhile, annualized returns on assets and equity improved to 1.49 percent and 12.18 percent.

PBB remained highly liquid as total resources rose to P161.3 billion by 15.1 percent and total equity at P2.7 billion, up from P19.7 billion.

“PBB remains steadfast in its commitment to its clients by offering products that cater to their needs. These will ensure that the Bank is ready to face future challenges while continuing to deliver value to its stakeholders,” PBB vice chairman, president and chief executive officer Rolando Avante said.