Philippine National Bank

Philippine National Bank's capital adequacy ratio fell 1.22% yoy to 14.6% in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank's capital adequacy ratio reached 14.6% at the end of third quarter of 2019, up from 14.0% when compared ...

Philippine National Bank's net profit fell 3.03% yoy to PHP 1,809 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank made a net profit of PHP 1,809 mil under revenues of PHP 12,218 mil in the third quarter of 2019, down 3.03%...

Philippine National Bank's net interest income rose 25.0% yoy to PHP 8,675 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank generated total banking revenues of PHP 12,218 mil in the third quarter of 2019, up 18.3% when compared ...

Profit Statement 2016 2017 2018
Net Interest Income PHP mil 19,567 22,024 27,002
Net Fee Income PHP mil 2,655 3,196 3,479
Other Income PHP mil 5,653 3,917 3,292
Total Revenues PHP mil 27,875 29,137 33,772
Staff Cost PHP mil 8,570 8,960 9,380
Operating Profit PHP mil 10,796 8,401 10,539
Provisions PHP mil 3,213 904 1,740
Net Profit PHP mil 7,124 5,548 5,926
Balance Sheet 2016 2017 2018
Interbank Loans PHP mil 32,473 49,485 52,474
Customer Loans PHP mil 398,355 462,953 556,672
Debt Securities PHP mil 107,856 115,119 174,935
Total Assets PHP mil 753,982 836,357 983,648
Shareholders' Equity PHP mil 109,961 119,738 128,559
Interbank Borrowing PHP mil 35,886 43,917 70,083
Customer Deposits PHP mil 570,503 637,920 733,302
Issued Debt Securities PHP mil 3,498 0 15,661
Ratios 2016 2017 2018
ROE % 6.64 4.83 4.77
ROA % 0.994 0.698 0.651
Costs (As % Of Assets) % 2.38 2.61 2.55
Costs (As % Of Income) % 61.3 71.2 68.8
Capital Adequacy Ratio % 16.7 15.4 14.4
Net Interest Margin % 2.73 2.77 2.97
Loans (As % Of Deposits) % 69.8 72.6 75.9
NPLs (As % Of Loans) % 2.12 1.88 1.65
Provisions (As % Of NPLs) % 170 175 159
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 1,375 1,417 1,020
Share Price (End Of Period) PHP 53.2 55.2 41.7
Price/Earnings (P/E) 13.4 12.8 9.01
Price/Book Value (P/BV) 0.620 0.592 0.415
Dividend Yield % 0 0 0
Earnings Per Share (EPS) PHP 3.97 4.33 4.62
Book Value Per Share PHP 85.8 93.4 100
Dividend Per Share PHP 0 0 0

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summary Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                        
Net Interest Income PHP mil                                           6,976 13,749 16,459 17,692 19,567    
Total Revenues PHP mil                                           16,498 25,859 25,118 25,628 27,875    
Operating Profit PHP mil                                           6,362 7,552 8,310 6,156 10,796    
Net Profit PHP mil                                           4,709 5,146 5,359 6,131 7,124    
balance sheet                                                        
Interbank Loans PHP mil                                           15,542 23,287 23,263 38,638 32,473    
Customer Loans PHP mil                                           114,816 240,099 289,387 331,532 398,355    
Debt Securities PHP mil                                           104,831 92,039 123,715 104,803 107,856    
Total Assets PHP mil                                           330,191 616,276 625,446 679,688 753,982    
Shareholders' Equity PHP mil                                           38,492 82,339 99,061 104,756 109,961    
Interbank Borrowing PHP mil                                           13,013 12,808 18,683 25,752 35,886    
Customer Deposits PHP mil                                           240,886 462,365 447,644 485,937 570,503    
Issued Debt Securities PHP mil                                           10,214 9,954 9,970 9,986 3,498    
ratios                                                        
ROE % ...                                         12.8 8.52 5.91 6.02 6.64    
ROA % ...                                         1.47 1.09 0.863 0.940 0.994    
Costs (As % Of Assets) % ...                                         3.16 3.87 2.71 2.98 2.38    
Costs (As % Of Income) %                                           61.4 70.8 66.9 76.0 61.3    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ...                 16.6 19.7 20.6 19.2 16.7    
Net Interest Margin % ...                                         2.17 2.91 2.65 2.71 2.73    
Interest Income (As % Of Revenues) %                                           42.3 53.2 65.5 69.0 70.2    
Fee Income (As % Of Revenues) %                           ... ...             11.4 9.32 11.5 14.0 9.53    
Staff Cost (As % Of Total Cost) %                         ...                 36.6 32.7 44.2 42.3 50.2    
Equity (As % Of Assets) %                                           11.7 13.4 15.8 15.4 14.6    
Loans (As % Of Deposits) %                                           47.7 51.9 64.6 68.2 69.8    
Loans (As % Assets) %                                           34.8 39.0 46.3 48.8 52.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...             ... ... ...     5.05 4.24 3.29 2.60 2.12    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...             ... ... ...     205 114 125 150 170    
valuation                                                        
Market Capitalisation (End Of Period) USD mil                                           1,467 2,111 2,234 1,386 1,375    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ...     ...               690 1,114 1,195 1,282 1,282    
Share Price (End Of Period) PHP                                           87.3 82.7 77.9 50.7 53.2    
Earnings Per Share (EPS) PHP ... ... ... ... ... ... ... ... ... ... ...                     6.82 4.25 3.41 2.96 3.97    
Book Value Per Share PHP ... ... ... ... ... ... ... ... ... ... ...     ...               55.7 73.9 82.9 81.7 85.8    
Dividend Per Share PHP ... ... ... ...                 ... ...               0 0 0 0 0    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ...                   12.8 19.4 22.9 17.1 13.4    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ...     ...               1.57 1.12 0.940 0.620 0.620    
Dividend Yield % ... ... ... ...                 ... ...               0 0 0 0 0    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...                   0.851 -37.6 -19.8 -13.3 34.1    
Book Value Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ...   ... ...             10.1 32.6 12.2 -1.45 4.96    
income statement Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                        
Interest Income PHP mil                                           11,361 18,480 20,104 21,702 24,344    
Interest Cost PHP mil                                           4,385 4,731 3,645 4,010 4,778    
Net Interest Income PHP mil                                           6,976 13,749 16,459 17,692 19,567    
Net Fee Income PHP mil                           ... ...             1,876 2,409 2,876 3,596 2,655    
Other Income PHP mil                           ... ...             7,646 9,701 5,783 4,340 5,653    
Total Revenues PHP mil                                           16,498 25,859 25,118 25,628 27,875    
Staff Cost PHP mil                         ...                 3,710 5,988 7,430 8,235 8,570    
Operating Cost PHP mil                                           10,136 18,307 16,808 19,472 17,079    
Operating Profit PHP mil                                           6,362 7,552 8,310 6,156 10,796    
Provisions PHP mil                                           824 834 2,265 568 3,213    
Extra and Other Cost PHP mil                                           -105 289 -553 -2,003 1,168    
Pre-Tax Profit PHP mil                                           5,643 6,430 6,598 7,591 6,415    
Tax PHP mil                                           925 1,182 1,367 1,619 1,517    
Minorities PHP mil                                           9.83 101 136 198 38.1    
Net Profit PHP mil                                           4,709 5,146 5,359 6,131 7,124    
Dividends PHP mil                         ... ...               0 0 0 0 1,300    
growth rates                                                        
Net Interest Income Growth % ...                                         -3.16 97.1 19.7 7.49 10.6    
Net Fee Income Growth % ...                         ... ... ...           -12.2 28.4 19.4 25.0 -26.2    
Total Revenue Growth % ...                                         -6.25 56.7 -2.87 2.03 8.77    
Operating Cost Growth % ...                                         -0.659 80.6 -8.19 15.8 -12.3    
Operating Profit Growth % ...                                         -14.0 18.7 10.0 -25.9 75.4    
Pre-Tax Profit Growth % ...                                         0.149 13.9 2.62 15.0 -15.5    
Net Profit Growth % ...                                         0.840 9.30 4.13 14.4 16.2    
market share                                                        
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ...                       4.82 6.53 6.13 6.04 5.73   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ...                       4.65 4.29 4.60 5.34 5.63   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ...         ... ... ... ... ... ... ...
balance sheet Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                        
Cash PHP mil                                           42,775 164,974 120,402 96,584 138,353    
Interbank Loans PHP mil                                           15,542 23,287 23,263 38,638 32,473    
Customer Loans PHP mil                                           114,816 240,099 289,387 331,532 398,355    
Retail Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ... ... ...   ... 287 237,299 283,648 337,440 397,772    
Debt Securities PHP mil                                           104,831 92,039 123,715 104,803 107,856    
Fixed Assets PHP mil                                           16,504 41,218 19,574 22,129 18,097    
Intangible Assets PHP mil ... ... ... ... ... ...               ... ...             377 15,753 15,670 15,818 15,938    
Goodwill PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   0 13,375 13,375 13,375 13,375    
Total Assets PHP mil                                           330,191 616,276 625,446 679,688 753,982    
Shareholders' Equity PHP mil                                           38,492 82,339 99,061 104,756 109,961    
Of Which Minority Interest PHP mil                                           54.2 3,078 3,213 3,017 2,649    
Liabilities PHP mil                                           291,698 533,937 526,385 574,932 644,021    
Interbank Borrowing PHP mil                                           13,013 12,808 18,683 25,752 35,886    
Customer Deposits PHP mil                                           240,886 462,365 447,644 485,937 570,503    
Sight Deposits PHP mil                                           28,152 125,359 101,561 110,030 117,329    
Term Deposits PHP mil                                           212,702 337,006 346,083 375,908 428,792    
Issued Debt Securities PHP mil                                           10,214 9,954 9,970 9,986 3,498    
Subordinated Debt PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ...                 9,939 9,954 9,970 9,986 3,498 ... ...
Other Liabilities PHP mil                                           27,586 48,810 50,089 53,256 34,134    
asset quality                                                        
Non-Performing Loans PHP mil ... ... ... ... ... ... ... ... ... ...             ... ... ...     6,465 10,686 9,921 8,979 8,772    
Gross Loans PHP mil                                           128,049 252,267 301,823 344,960 413,248    
Total Provisions PHP mil                                           13,232 12,168 12,436 13,428 14,893    
growth rates                                                        
Customer Loan Growth % ...                                         12.1 109 20.5 14.6 20.2    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 82,692 19.5 19.0 17.9    
Total Asset Growth % ...                                         5.81 86.6 1.49 8.67 10.9    
Shareholders' Equity Growth % ...                                         10.1 114 20.3 5.75 4.97    
Customer Deposit Growth % ...                                         1.32 91.9 -3.18 8.55 17.4    
market share                                                        
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ...                 3.34 5.88 5.67 5.73 5.89   ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 85.1 ... ... ... ... ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ...                       4.87 7.17 6.39 6.33 6.18   ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ...                       5.19 7.63 6.58 6.50 6.50   ...
ratios Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                        
ROE % ...                                         12.8 8.52 5.91 6.02 6.64    
ROA % ...                                         1.47 1.09 0.863 0.940 0.994    
Costs (As % Of Assets) % ...                                         3.16 3.87 2.71 2.98 2.38    
Costs (As % Of Income) %                                           61.4 70.8 66.9 76.0 61.3    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ...                 16.6 19.7 20.6 19.2 16.7    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           11.4 16.5 17.4 16.2 15.8    
Net Interest Margin % ...                                         2.17 2.91 2.65 2.71 2.73    
Interest Spread % ...                                         2.00 2.76 2.55 2.60 2.61    
Asset Yield % ...                                         3.54 3.91 3.24 3.33 3.40    
Cost Of Liabilities % ...                                         1.54 1.15 0.688 0.728 0.784    
Payout Ratio %                         ... ...               0 0 0 0 18.2    
Interest Income (As % Of Revenues) %                                           42.3 53.2 65.5 69.0 70.2    
Fee Income (As % Of Revenues) %                           ... ...             11.4 9.32 11.5 14.0 9.53    
Other Income (As % Of Revenues) %                           ... ...             46.3 37.5 23.0 16.9 20.3    
Cost Per Employee USD per month ... ... ... ... ... ...   ... ... ...     ...         ...     ... ... 1,361 1,619 1,789 1,762    
Cost Per Employee (Local Currency) PHP per month ... ... ... ... ... ...   ... ... ...     ...         ...     ... ... 57,796 72,121 82,195 85,457    
Staff Cost (As % Of Total Cost) %                         ...                 36.6 32.7 44.2 42.3 50.2    
Equity (As % Of Assets) %                                           11.7 13.4 15.8 15.4 14.6    
Loans (As % Of Deposits) %                                           47.7 51.9 64.6 68.2 69.8    
Loans (As % Assets) %                                           34.8 39.0 46.3 48.8 52.8    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ...             ... ... ...     5.05 4.24 3.29 2.60 2.12    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ...             ... ... ...     205 114 125 150 170    
Provisions (As % Of Loans) %                                           11.5 5.07 4.30 4.05 3.74    
Cost of Provisions (As % Of Loans) % ...                                         0.758 0.470 0.855 0.183 0.880    
other data Unit 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                        
Branches ... ... ... ... ... ... ... ... ... ... ...   ... ...   ... ...         ... 737 734 740 675   ...
Employees ... ... ... ... ... ...   ... ... ...               ...     ... ... 8,634 8,585 8,349 8,357    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 937 1,051    
Sight (As % Of Customer Deposits) %                                           11.7 27.1 22.7 22.6 20.6    
Risk-Weighted Assets PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           210,239 378,196 375,026 415,049 504,101    
Return on Loans % ...                                         4.34 2.90 2.02 1.97 1.95    
Operating Profit (As % of Loans) % ...                                         5.86 4.26 3.14 1.98 2.96    
Costs (As % Of Loans) % ...                                         9.33 10.3 6.35 6.27 4.68    
Equity (As % Of Loans) %                                           33.5 34.3 34.2 31.6 27.6    

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Philippine National Bank's net interest margin fell 1.49% yoy to 3.06% in 3Q2019

By Helgi Analytics - February 21, 2020

Philippine National Bank's net interest margin amounted to 3.06% in the third quarter of 2019, up from 2.89% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 3.63% in 4Q2000 and an all time low o...

Philippine National Bank's price/earnings (P/E) rose 10.6% yoy to 7.96 in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank stock traded at PHP 43.6 per share at the end third quarter of 2019 implying a market capitalization of USD 1,284 mil. Since the end of 3Q2014, the stock has depreciated by -48.9 % implying an annual average growth of -12.6 %. In absolute term...

Philippine National Bank's market capitalisation (end of period) rose 29.0% yoy to USD 1,284 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank stock traded at PHP 43.6 per share at the end of third quarter of 2019 implying a market capitalization of USD 1,284 mil. Over the last five years, the stock has depreciated by 48.9 implying an annual average growth of -12.6% In a...

Philippine National Bank's share price (end of period) rose 4.06% yoy to PHP 43.6 in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank stock traded at PHP 43.6 per share at the end of third quarter of 2019 implying a market capitalization of USD 1,284 mil. Over the last five years, the stock has depreciated by -48.9 % implying an annual average growth of -12.6 %. In absolute ...

Philippine National Bank's equity (as % of assets) fell 7.05% yoy to 12.9% in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank's Equity reached 12.9% of total assets in the 3Q2019, down from 13.9% for the previous year. As a share of net customer loans, the ratio amounted to 23.6% at the end of the third quarter of 2019. ...

Philippine National Bank's customer loan growth fell 30.5% yoy to 17.1% in 3Q2019

By Helgi Analytics - February 20, 2020

Philippine National Bank's customer loan growth reached 17.1% in 2019-09-30, down from 24.6% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 101% in 2013-12-31 and an all time low of -29.3% in 2006-12-31. I...

Philippine National Bank's npls (as % of loans) fell 12.1% yoy to 1.65% in 4Q2018

By Helgi Analytics - March 4, 2020

Philippine National Bank's non-performing loans reached 1.65% of total loans at the end of 2018-12-31, down from 1.88% compared to the previous year. Historically, the NPL ratio hit an all time high of 108% in 2003-12-31 and an all time low of 1.65% in 2018-12-31...

Philippine National Bank's net profit rose 6.80% yoy to PHP 5,926 mil in 2018

By Helgi Analytics - February 20, 2020

Philippine National Bank made a net profit of PHP 5,926 mil under revenues of PHP 33,772 mil in 2018, up 6.80% and 15.9% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of PHP 7,124 mil in 2016 and an all time low ...

Philippine National Bank's capital adequacy ratio fell 6.51% yoy to 14.4% in 2018

By Helgi Analytics - February 20, 2020

Philippine National Bank's capital adequacy ratio reached 14.4% at the end of 2018, down from 15.4% compared to the previous year. Historically, the bank’s capital ratio hit an all time high of 21.7% in 2011 and an all time low of 14.4% in 2018. The Tier 1 ra...

Philippine National Bank's npls (as % of loans) fell 12.1% yoy to 1.65% in 2018

By Helgi Analytics - February 20, 2020

Philippine National Bank's non-performing loans reached 1.65% of total loans at the end of 2018, down from 1.88% compared to the previous year. Historically, the NPL ratio hit an all time high of 46.2% in 2003 and an all time low of 1.65% in 2018. Provision...

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