Alfredo Yao bank posts lower profit as trading revenues fall
Thinner trading gains dealt a blow to this bank’s bottom line.
Philippine Business Bank (PBB) of Juice King Alfredo Yao saw its net income drop to P466.1 million as of the end of September.
In a regulatory filing, PBB said lower trading gains — which were halved to P114.4 million from P270 million — and one-time expenses and penalty payments slashed some P200 million off the bank’s net profit compared to the previous year.
Loan loss provisioning and the settlement of agri-agra penalties for the past three years also hurt the bank’s net income, PBB president and chief executive officer Roland Avante said.
Still, the bank can boast of a 37.4% jump in loans and receivables worth P65.1 billion, while deposits also posted a 23.8% increase to hit P67 billion.