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Philippines??Talon Lucia Tan-led conglomerate LET Group Inc. Grew Its first semester net income attributable to equity holders by 18 percent year-on-year to PI. 1 billion, driven mainly by higher earnings booked by banking arm Philippine National Bank. PAN, now merged with Allied Banking Corp.. , posted a 126-percent rise in its six-month net profit to PI. 3 billion from year-ago level. If compared with the combined PI. Billion net income of PAN and Allied Bank in the first semester of 2012 before the merger, profit was up by 68 percent year-on-year. The six-month results translated to a return on equity of 12. 8 percent for PAN. Total operating income of the merged bank reached Pl 5. 4 billion in the first semester, up 77 percent year-on- posted a year ago. Core businesses contributed to the growth despite thinning spreads and high liquidly as net Interest Income rose by 59 percent year-on-year to PI. 9 billion.
PAN grew Its loan book by 82 percent year-on-year to IPPP. 7 billion. Net interest margin eased to 2. 5 percent from 3 percent in the same period last year. Total consolidated resources expanded by 3 percent to IPPP. 4 billion. Net service sees and commission income also rose by 28 percent to Pl . 2 billion from the previous year’s level. Total operating expenses rose by 46 percent mainly due to consolidation costs. In terms of asset quality, Pan’s non-performing ratio dropped to 1. 1 percent versus 2. 9 percent a year ago.
For parent firm LET, six-month profit including minority interest amounted to PI. 5 billion, 34. 6 percent higher year-on-year. Improvements in banking, beverage and property earnings were able to offset the weak performance of tobacco and alcohol products as the effects of the high excise tax increase In 2013 continued to affect sales volume, L TAG reported. Beverage revenue was flat for the first half of 2013 but net Income from the beverage segment rose by 12 percent year-on- year to IPPP million due to lower operating and interest expenses. Resource: http://business. Inquirer. Net/138535/at-group-profit-up-18-to-pi-1 b-in-Hal REACTION PAPER: Since PAN, merged with Allied Banking Corp. and they posted that 126-percent rise in its six-month net profit to PI. 3 billion from year-ago level and compared with the combined PI. 2 billion net income of PAN and Allied Bank In the first semester of 2012 before the merger, profit was up by 68 percent year-on-year, and that is Just their first semester. It shows that In the incoming years of their business as a result of merging their company.
Their profit will go higher. Everything rose and grew In their Income Like PAN grew Its loan book by 82 percent year-on-year to IPPP. 7 billion, and commission income also rose by 28 percent to Pl . 2 billion. Improvements in banking, because we know that the prices of alcohol and cigarettes went up compared to it’s pricing before which affected its sales. But a have also read a comment on the article that says “BIRR miss target headline. Eh is Mr. Lucia Tan Denis an Amman Nagoya Eng taming pubis. Purr biscuits Lang nag gabby Eng cigarillo = cancer.