PHILIPPINE Business Bank Inc. (PBB) saw its net income climb to P1.03 billion in the first half, 18.7 percent higher than P869.2 million a year earlier.

"This highlights the strength of PBB's business model and underscores its effective recovery and growth strategies following the challenging pandemic years and the ongoing uncertainty in the economic conditions," PBB Chief Operating Officer Cynthia Almirez said in a statement.

"PBB reached this milestone faster in 2024 than in previous years," she added. "In 2023 it took PBB nine months to reach P1.1 billion in net income and 11 months in 2022," she added.

Net interest income was said to have grown to P3.3 billion from P3.2 billion while core income increased to P1.7 billion from P1.4 billion.

As of end-June 2024, total loans and receivables amounted to P118.7 billion, 14.3 percent higher year on year, while total resources and deposit liabilities stood at P154.4 billion and P126.4 billion, respectively.

Shareholders equity was at P18.4 billion, with a book value per share of P21.77 net of preferred shares, 1.6 percent lower from P21.75 in December 2023.

Meanwhile, annualized returns on assets and equity improved to 1.34 percent and 11.19 percent, respectively.

"In the next six months, the bank is committed to sustaining our positive income momentum by continuing to enhance our product offerings and provide innovative solutions tailored to meet the evolving needs of its clients," Alvarez said.

"The bank is looking forward to working together with our clients, shareholders, and employees in building stronger business communities."

PBB shares were unchanged at P8.80 each on Tuesday.