PBB seeking possible acquisitions
PHILIPPINE Business Bank (PBB) is still looking for possible acquisitions in a bid to further accelerate its expansion plans and increase its clientele.
PBB President and Chief Executive Officer Roland R. Avante said the bank remains to be on the lookout for “good opportunities” to acquire.
“We’re still in the market for strategic purchase should an opportunity arise,” Mr. Avante said in a telephone interview.
The listed thrift lender has a total of 139 branches. Including its acquisitions, PBB has a total of 150 branches, of which eight are from Insular Savers Bank (ISB) and three are from Bataan Savings and Loan Bank, which the bank acquired in 2015.
The bank official noted that PBB remains “opportunistic in potential acquisitions to accelerate the growth of our balance sheet and expand our branch network and distribution platforms.”
Earlier, Mr. Avante said for 2016, the focus remains “to continue to lay the groundwork in expanding our presence all over the Philippines” adding that the bank’s major pillar is its “strong service culture and this is anchored on our ability to reach our SME (small and medium enterprises) clients, wherever they might be located in the country.”
The acquisition strategy is also aligned with the bank’s anticipation of larger business volumes moving forward as it re- engineered its credit marketing and credit management processes and as the lender “expects considerable growth starting in the second half of 2016 and beyond.
PBB saw its net income rise by 13.2% in the January to June period to P340 million from the P300.2 million in earnings it booked during the same period last year. For the second quarter alone, the bank said its core income went up 24.1% to P196.6 million from P158.9 million. Net interest income for the period also rose 6.7% as interest income from loans and receivables grew to P664.4 million, or 4.6% higher compared to P635.4 million.
Moving forward, Mr. Avante said PBB will continue to focus on growing its main businesses.
Last year, it posted a pro-forma recurring net income came of P537.1 million at end-2015.
Shares in PBB closed at P14.74 each on Wednesday lower from its previous finish of P14.76 apiece. •