THE Philippine National Bank (PNB) said it posted a net income of P457 million during the first quarter of the year, up 48 percent from P308 million a year earlier because of improvements in its core businesses and reduced non-performing assets.

                The bank said in a disclosure to the Philippine Stock Exchange (PSE) it turned a 136-percent year-on-year growth in foreign-exchange trading to P571 million from P242 million the previous year. Total deposits reached P180 billion. It also said its operating expenses dropped 23 percent.

                Its consolidated assets for the first quarter grew to P242 billion, up by P2.7 billion from the end of 2007. Consumer lending also grew to P3.3 billion, up by 25 percent from the end of 2007. Its net loans and receivables closed the quarter at P77 billion.

                At the end of the first quarter, PNB’s capital-adequacy ratio was pegged at P18.51 percent.

                The bank also said it is raising a minimum of P3 billion of Tier-2 capital in preparation for its maturing subordinated notes in February 2009.

                Meanwhile, also in a report to the PSE, thrift bank Rizal Commercial Banking Corp. (RCBC) Savings Bank (RSB) posted a 15-percent increase in net income during the first quarter of 2008 on growth in deposits.

                The consumer-banking arm of RCBC said its net income reached P212 million, up from P184 million a year earlier.

                Current-account and savings-account deposits for the quarter jumped 21 percent to P11 billion, while foreign-currency deposits rose 13 percent to $101.1 million. These helped boost the bank’s capital-adequacy ratio to 15 percent, compared with 10.2 percent in the comparable period. Its nonperforming-loan ratio also improved from 5.4 percent to 4.9 percent.

                “We are truly proud of our performance given the amount of opportunities available in the present global economic environment. While most people are taking a cautious stance for the rest of 2008, increases in the prices of oil, food and commodities will have a negative impact on the real economy,” RSB president Lope  Fernandez said.

                The bank’s total assets for the first quarter grew 4 percent to P43.5 billion from P41.7 billion. Its total loan portfolio went up 12 percent to P30.1 billion, from P26.9 billion, driven by consumer loans that grew 14 percent. Additional loan bookings of P3.9 billion for the first quarter contributed to the portfolio. Czeriza S. Valencia

THE Bank of the Philippine Islands (BPI) yesterday signed a cash-management deal with Manila Water Co. to manage P9 billion in annual collection of the water-utility firm from 5 million customers in Eastern Metro Manila.

THE Philippine Export Import Credit Agency counts on stabilizing interest rates over the near term for elbowroom to raise as much as P3 billion in subordinated debt by the third quarter.

THE Bureau of Internal Revenue (BIR) said it would complete a partial automation of its operations and connect various collection districts to the national office in Manila by September.

THE Philippine National Bank (PNB) said it posted a net income of P457 million during the first quarter of the year, up 48 percent from P308 million a year earlier because of improvements in its core businesses and reduced non-performing assets.