THE combined assets of tycoon Lucio Tan’s two banks—Philippine National Bank (PNB) and Allied Banking Corp. —shrank by 2 percent in the first quarter to P464.3 billion from P472.6 billion at the end of 2009, but the group’s consolidated resources likely remained the fifth biggest in the local industry.
State lender Land Bank of the Philippines, with total assets of P511.6 billion, was the fourth biggest as of end-2009.
Their latest balance sheets showed PNB and Allied Bank had total assets of P283.3 billion and P181 billion as of end-March, respectively.
PNB’s asset base contracted from P284.5 billion in December, while Allied Bank’s assets shrank from P188.1 billion.
PNB said last week the contraction in its asset base was mainly due to the 1.2-percent dip in outstanding loans and receivables following the scheduled paydowns by large borrowers.
PNB, however, still looks poised to become the fourth-largest private bank if it merges with Allied Bank later this year. It may dislodge the Yuchengco-owned Rizal Commercial Banking Corp. (RCBC), which ended the first quarter with consolidated resources of P282.8 billion.
Tycoon Henry Sy’s Banco de Oro Unibank remains the biggest bank in the country.
George S.K. Ty’s Metropolitan Bank & Trust Co. is No. 2 in assets, while the Ayala Group’s Bank of the Philippine Islands—the most profitable of the three —is third biggest.
Allied Bank has yet to release its first-quarter income figures. PNB, which is the surviving entity in a merger that may take place in the second half of the year, posted a 22-percent growth in first-quarter profit to P889 million.
PNB was seventh biggest in terms of assets as of end-2009, with Land Bank at fourth place, while another state lender, Development Bank of the Philippines, was ranked No. 5. RCBC was sixth biggest. Read more...
Their latest balance sheets showed PNB and Allied Bank had total assets of P283.3 billion and P181 billion as of end-March, respectively.
PNB’s asset base contracted from P284.5 billion in December, while Allied Bank’s assets shrank from P188.1 billion.
PNB said last week the contraction in its asset base was mainly due to the 1.2-percent dip in outstanding loans and receivables following the scheduled paydowns by large borrowers.
PNB, however, still looks poised to become the fourth-largest private bank if it merges with Allied Bank later this year. It may dislodge the Yuchengco-owned Rizal Commercial Banking Corp. (RCBC), which ended the first quarter with consolidated resources of P282.8 billion.
Tycoon Henry Sy’s Banco de Oro Unibank remains the biggest bank in the country.
George S.K. Ty’s Metropolitan Bank & Trust Co. is No. 2 in assets, while the Ayala Group’s Bank of the Philippine Islands—the most profitable of the three —is third biggest.
Allied Bank has yet to release its first-quarter income figures. PNB, which is the surviving entity in a merger that may take place in the second half of the year, posted a 22-percent growth in first-quarter profit to P889 million.
PNB was seventh biggest in terms of assets as of end-2009, with Land Bank at fourth place, while another state lender, Development Bank of the Philippines, was ranked No. 5. RCBC was sixth biggest. Read more...
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