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BPI, PNB posted profit growth in '04.
(From Philippine Daily Inquirer)
Byline: Doris C. Dumlao
BANK of the Philippine Islands and Philippine National Bank posted robust growths in net profits in 2004 on the back of higher interest and fee-based earnings.
BPI, the country's second biggest bank, reported a net income of P6.7 billion last year, P1 billion or 17 percent higher than P5.7 billion in 2003.
PNB recorded its second straight year of profitability, with its net profit in 2004 more than doubling to P353 million from P168 million a year ago, the bank said.
PNB is three years ahead of profitability targets under a state-assisted rehabilitation program forged with the Philippine Deposit Insurance Corp. and the Bangko Sentral ng Pilipinas in 2002.
BPI's total revenue was up 13 percent, driven by both net interest income and non-interest income.
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