PNB Restructures, Explores Tech as Earnings Jump 22%
Philippine National Bank (PNB) is undergoing significant changes. It's dissolving its consumer finance and enterprise services sectors, while also exploring tech advancements like office 365. The bank's earnings have surged, but it's closing its Bahrain Representative Office due to intense competition.
PNB's earnings jumped by 22% to PHP 12.5 billion in the first semester, primarily due to increased loan demand. Despite this growth, the bank is streamlining operations. It's closing its Bahrain Representative Office, citing stiff competition in the remittance business across its 17-country footprint.
PNB is also restructuring internally. Its strategy and sustainability group has been absorbed into the office of the us bank Chief Financial Officer. Meanwhile, two senior executives are set to depart in October, though no further details about leadership changes were provided.
PNB is focusing on growth and efficiency. It's exploring data science and artificial intelligence to unlock new revenue streams. Despite closing its Bahrain office, the bank's earnings remain strong, reflecting its resilience in a competitive market.
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