FNBB profits tumble 18%

While the bank’s top line interest earnings registered a modest four percent rise to P1.29 billion, a mammoth 43 percent rise in interest expenses, induced by the tight liquidity, effected a P415 million dent on net interest income. On the other hand, a 64 percent jump in impairment charges to P201 million, caused by the weak economic environment, further pulled the profits down.

According to Chief Executive Officer, Steven Bogatsu, the bank has done well under the prevailing circumstances.