Moody’s eyes Philippine bank positively

Moody's Ratings said it changed its outlook for Philippine National Bank to positive from stable and affirmed its ratings, including the foreign-currency senior unsecured rating at Baa3.

The positive outlook reflects PNB's stabilizing asset quality and healthier profitability after a substantial net interest margin expansion and lower provisioning costs in 2023, the agency said.

“PNB's reported NIM expanded to 4.2% from 3.6% in 2023, driven by its effective management of cost of funds and higher asset yields, although the bank's yields remain the lowest among its domestic rated peers'. Its credit costs improved to 0.9% from 1.2% over the same period, in line with the bank's stabilizing asset quality,” Moody’s said in a press release.

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