Welcome to the top twenty something index issues of the PSEi that have big market capitalization, plus some banks and financial big caps as well
PNB sees 2005 profit rising 70% to P600M
Posted: 10:21 AM | May 24, 2005
PHILIPPINE National Bank (PNB), the country's fifth largest bank in terms of assets, expects its net profit to rise to 600 million pesos this year from 353.3 million in 2004 on the back of its strong overseas remittance business and the sale of non-performing assets, PNB president Omar Byron Mier said.
The bank also expects to reduce its non-performing loans (NPLs) to 24.3 billion pesos by year-end from 37.7 billion at end-2004.
"We feel confident that we will be able to hit 600 million pesos (in net profit) this year. We annualized our first quarter net profit of 151 million pesos, (and) that is our running rate," Mier told reporters after the bank's annual general meeting.
"The drivers of growth would be the remittance business and the resolution of our NPL accounts. We see our NPL ratio at less than 30 percent by year-end."
Its NPLs fell to 30.5 billion pesos as of end-March.
The majority shareholders of PNB are the government and businessman Lucio Tan.
Philippine Govt Sets PHP43 Floor Price For PNB Shares
MANILA (Dow Jones)--The government on Friday set a minimum price of PHP43 a share for the 67% of Philippine National Bank (PNB.PH), the country's sixth largest lender in terms of assets, to be offered for privatization.
The floor price is a 26% premium over the PNB's closing price of PHP34 on the Philippine Stock Exchange on Friday.
"The valuation took into consideration PNB's earning potential, based on its franchise, branch network and infrastructure, market share, solid client base and overall intrinsic value," the Department of Finance said in a statement.
The speculation now would be if Lucio Tan will excercise his right to match the best offer, if he does it means that if there are no bidders Lucio Tan will have to buy the government's shares at 43 and probably make a tender offer to minority shareholders. I don't think macky would set the value of the company too high as to discourage all bidders.
You'll probably do all right. PNB is rated , by Fitch , more badly than it rates most Philippine banks , but most Philippine banks are given low marks. So it doesn't stand out so much.
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