PHILIPPINE Bank of Communications (PBCom) posted a net income of P129.6 million for the first nine months, sustaining its recovery from a net loss in the first quarter, although its latest statement of condition showed a further drop in deposits.

Figures released on Friday showed the bank’s net income before tax for the January to September period reached P347.4 million.

No comparative figures were provided in the statement of income submitted to the Philippine Stock Exchange.

Previous filings showed net income of P124.5 million for the same period last year.

The bank reported a net loss of P3.73 million for the first quarter and net income of P104.7 million for the second quarter.

Interest income for the first nine months reached P2.05 billion, compared with P2.14 billion for the same period last year.

Deposit liabilities dropped further to P27.76 billion as of end-September, from P28.52 billion three months ago and P29.83 billion as of end-March.

In September Philippine Deposit Insurance Corp. (PDIC) president Jose Nograles said there were two prospective buyers of controlling equity interest in the midsized lender and that negotiations had moved to the advanced stages.

In July both Philippine National Bank of tycoon Lucio Tan and Security Bank Corp. doused speculations they had made firm offers to acquire control of PBCom, amid reports that several groups had looked into the latter’s books.

The bank’s three major shareholders—the Nubla, Luy and Chung families—have agreed to sell a combined 67-percent equity interest under a financial-assistance agreement signed in 2004 with PDIC.

Nograles declined to identify the parties PBCom was talking to nor gave further information, citing a confidentiality agreement he had signed regarding the transaction.

Australian investment bank Macquarie has until the end of the year to serve as financial adviser to PBCom on the sale of the 67-percent equity interest.

Under the agreement with PDIC that involved a P7.6-billion financial assistance to the bank, the major shareholders were supposed to give up control of the bank by March this year.

The bank had total resources of P43.3 billion as of end-September, representing a 3-percent contraction from the end-June level of P44.67 billion.