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Philippine Bank of Communications Apr 16, 2018 @ 18:06

PBCOM rakes in P718M with bigger retail lending

 

A growing consumer market helped this bank make good gains in 2017.

The Philippine Bank of Communications (PBCOM) said increased lending activities brought in a consolidated net income of P718.7 million for the year.

“Robust growth in the parent bank’s lending activities and supported by its deposit-taking activities, sustained the momentum from 2016,” the bank said in a disclosure.

Total loans grew to P53.4 billion, with the share of consumer finance growing to 24 percent. Still, corporate and middle-market clients accounted for the bulk at 76 percent.

Interest income grew by a tenth to reach P3.2 billion, PBCOM said.

Meanwhile, deposits grew by 23.7 percent to reach P5.3 billion, majority of which are low-cost deposits.

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