Tycoon Lucio Tan-led Philippine National Bank (PNB) saw a 29.7 percent year-on-year drop in first quarter net profit to P1.3 billion due to a large increase in loan loss provisioning in view of the coronavirus (COVID-19) pandemic.

Loan provisions reached P3.4 billion during the quarter compared to the P346 million during the same period last year.

“Mindful of the unprecedented uncertainties surrounding the economic impact of COVID-19, the bank decided to take a proactive approach in its provisioning,” the bank disclosed to the Philippine Stock Exchange on Wednesday.

PNB’s first quarter revenues rose by 33 percent year-on-year to P12.4 billion, citing growth in net interest income as well as non-interest income primarily gains from securities trading.

Net profit before taxes and provisions for impairment improved by 77 percent year on year.

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