05 April 2024 — Philippine National Bank (PSE: PNB) has been awarded by Euromoney as the Best Bank for Investment Research in the Philippines during its Private Banking Awards last March 22. Including the recognition given by Asiamoney Private Banking Awards before it merged with Euromoney Private Banking Awards, this year is PNB’s fourth consecutive win since 2021.
“This is another major achievement for PNB. It is an honor to be recognized as the Best Bank for Investment Research in the country for the fourth time around,” said PNB President Florido Casuela. “This validates our consistency in providing trustworthy insights that help and guide our clients in making wise investment decisions.”
According to Euromoney, PNB won the award “in recognition of the breadth, depth and quality of its investment research, which helps clients navigate economic and financial market turbulence.”
PNB Executive Vice President and Financial Management, Strategy, and Sustainability Sector Head Francis Albalate expressed his appreciation for both Euromoney/Asiamoney and PNB’s Research team. “To be consistently awarded by the prestigious Euromoney and Asiamoney is really a great achievement for our Research team. This recognition demonstrates how we, at PNB, are working every step together in serving our clients through the research that we publish.”
PNB’s Economist and Research Division Head, First Vice President Alvin Arogo, expressed his gratitude for being recognized once again at this year’s awards. “This motivates our research team even more to deliver relevant and up-to-date economic and market insights to our investors, clients, and the general banking public,” he said. “We shall continue to support PNB in strengthening client relationships and meeting the changing demands of customers.”
The year 2023 was a banner year for PNB. The bank’s consolidated net income reached Php18.0 billion – a 55% year-on-year increase coming from robust net interest income and lower credit provisions. Net core banking income, which excludes gains on sale of acquired properties, climbed by an impressive 156% year-on-year. This translated to an improved return on equity of 10% from the 7% posted a year ago.
Euromoney has been the key magazine of the wholesale financial industry, its institutions, and its users for more than 50 years. The Euromoney Private Banking Awards is a prestigious worldwide annual awards program, recognizing the private banks of distinction across key categories. This year marks the first year Euromoney merges with Asiamoney for their Private Banking Awards.
