Declared Dividend • Jun 30
Dividend of ₱1.65 announced Shareholders will receive a dividend of ₱1.65. Ex-date: 17th September 2026 Payment date: 1st October 2026 Dividend yield will be 7.6%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (20% payout ratio) and is expected to be well covered in 3 years' time (19% forecast payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 9.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Mar 28
Dividend of ₱1.65 announced Shareholders will receive a dividend of ₱1.65. Ex-date: 17th September 2026 Payment date: 1st October 2026 Dividend yield will be 5.8%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by earnings (20% payout ratio) and is expected to be well covered in 3 years' time (18% forecast payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 4.9% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Mar 13
Independent Chairman recently bought ₱1.5m worth of stock On the 10th of March, Edgar Cua bought around 27k shares on-market at roughly ₱56.63 per share. This transaction increased Edgar's direct individual holding by 270x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱1.8m. This was Edgar's only on-market trade for the last 12 months. Buy Or Sell Opportunity • Mar 02
Now 22% undervalued Over the last 90 days, the stock has risen 18% to ₱62.25. The fair value is estimated to be ₱79.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 5.0% in the next 2 years. Announcement • Feb 27
Philippine National Bank Announces Cash Dividend for the Year 2026, Payable on March 27, 2026 and October 1, 2026 Philippine National Bank approves cash dividend of PHP 3.30 per share, a 20% increase from last year. The declaration represents a 20% payout ratio based on net income for 2025, reflecting PNB's strong performance and disciplined capital management. The dividend will be released in two equal tranches of PHP 1.65 per share, payable on March 27, 2026 for stockholders of record as of March 10, 2026 and October 1, 2026 for stockholders of record as of September 18, 2026. Reported Earnings • Feb 23
Full year 2025 earnings released: EPS: ₱16.55 (vs ₱13.80 in FY 2024) Full year 2025 results: EPS: ₱16.55 (up from ₱13.80 in FY 2024). Revenue: ₱63.6b (up 13% from FY 2024). Net income: ₱25.3b (up 20% from FY 2024). Profit margin: 40% (up from 38% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 05
Insider recently bought ₱1.8m worth of stock On the 29th of January, Roberto Abastillas bought around 30k shares on-market at roughly ₱58.97 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱41m more in shares than they have sold in the last 12 months. Announcement • Jan 26
Philippine National Bank, Annual General Meeting, Apr 28, 2026 Philippine National Bank, Annual General Meeting, Apr 28, 2026, at 08:01 W. Australia Standard Time. Recent Insider Transactions • Jan 10
Insider recently bought ₱1.2m worth of stock On the 6th of January, Roberto Abastillas bought around 20k shares on-market at roughly ₱57.65 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱38m more in shares than they have sold in the last 12 months. Price Target Changed • Dec 29
Price target increased by 16% to ₱56.68 Up from ₱48.70, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₱54.40. Stock is up 96% over the past year. The company is forecast to post earnings per share of ₱15.28 for next year compared to ₱13.80 last year. Recent Insider Transactions • Dec 17
Insider recently bought ₱1.0m worth of stock On the 9th of December, Roberto Abastillas bought around 20k shares on-market at roughly ₱50.70 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱1.0m. Insiders have collectively bought ₱37m more in shares than they have sold in the last 12 months. Announcement • Dec 01
Philippine National Bank Announces Management Changes Philippine National Bank announced that during its meeting held on November 28, 2025, the Board of Directors approved and confirmed the early retirement of Mr. Bernabe R. Punsalan, First Senior Vice President and Head of the Branch Banking Group (BBG) Metro Manila under the Retail Banking Sector, effective November 30, 2025. The Board also approved the temporary designation of Mr. John Hilarion C. Salas, Senior Vice President, as Officer-in-Charge of Branch Banking Group (BBG) Metro Manila in concurrent capacity as Head of BBG Vismin under the Retail Banking Group from December 1, 2025, until assumption of the permanent replacement. Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: ₱3.91 (vs ₱3.10 in 3Q 2024) Third quarter 2025 results: EPS: ₱3.91 (up from ₱3.10 in 3Q 2024). Revenue: ₱15.9b (up 15% from 3Q 2024). Net income: ₱5.96b (up 26% from 3Q 2024). Profit margin: 38% (up from 34% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Oct 30
Insider recently bought ₱1.0m worth of stock On the 21st of October, Roberto Abastillas bought around 20k shares on-market at roughly ₱51.10 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱1.7m. Insiders have collectively bought ₱34m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 22
Insider recently bought ₱994k worth of stock On the 14th of October, Roberto Abastillas bought around 19k shares on-market at roughly ₱51.75 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱1.7m. Insiders have collectively bought ₱33m more in shares than they have sold in the last 12 months. Announcement • Sep 29
Philippine National Bank Announces Executive Retirements Philippine National Bank, during its meeting held on September 26, 2025, the PNB Board of Directors approved, noted and confirmed the following: 1. Mandatory retirement of Mr. Jose German M. Licup, EVP, effective October 11, 2025; and 2. Mandatory retirement of Ms. Ma. Lourdes S. Liwag, SVP, effective October 9, 2025. Upcoming Dividend • Sep 05
Upcoming dividend of ₱1.38 per share Eligible shareholders must have bought the stock before 12 September 2025. Payment date: 01 October 2025. Trailing yield: 2.4%. Lower than top quartile of Filipino dividend payers (6.0%). Lower than average of industry peers (4.0%). Recent Insider Transactions • Aug 30
Insider recently bought ₱1.7m worth of stock On the 27th of August, Roberto Abastillas bought around 30k shares on-market at roughly ₱55.50 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth ₱14m. Insiders have collectively bought ₱31m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 21
Key Executive recently bought ₱190k worth of stock On the 14th of August, Francis Albalate bought around 3k shares on-market at roughly ₱58.96 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱14m. Francis has been a buyer over the last 12 months, purchasing a net total of ₱15m worth in shares. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ₱4.19 (vs ₱3.25 in 2Q 2024) Second quarter 2025 results: EPS: ₱4.19 (up from ₱3.25 in 2Q 2024). Revenue: ₱15.6b (up 19% from 2Q 2024). Net income: ₱6.40b (up 29% from 2Q 2024). Profit margin: 41% (up from 38% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Aug 05
Key Executive recently bought ₱254k worth of stock On the 31st of July, Francis Albalate bought around 4k shares on-market at roughly ₱63.10 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₱14m. Francis has been a buyer over the last 12 months, purchasing a net total of ₱14m worth in shares. Announcement • Jul 25
Philippine National Bank Announces Executive Changes Philippine National Bank announced that during its meeting held on July 25, 2025, the PNB Board of Directors approved, noted and confirmed the following: Hiring of Mr. Roberto F. Abastillas as Head of the Institutional Banking Sector with the rank of Executive Vice President for two (2) years, from August 18, 2025 to August 17, 2027. Mr. Abastillas has no PNB shares under his name; Hiring of Mr. Dave T. Morales as Head of Mortgage and Auto with the rank of First Senior Vice President, effective September 1, 2025. Mr. Morales has no PNB shares under his name; Hiring of Ms. Jenilyn B. Valdez as Head of Corporate Planning and Analysis Division in concurrent capacity as Investor Relations Officer under the Financial Management, Strategy and Sustainability Sector with the rank of Senior Vice President, effective September 1, 2025. Ms. Valdez has no PNB shares under her name; Mandatory Retirement of Atty. Manuel C. Bahena, Jr., FSVP, Chief Legal Counsel and Head of the Legal Group under the Enterprise Services Sector, effective August 22, 2025; and Appointment of Mr. Constantino T. Yap, SVP, as Officer-in-Charge of the Digital Channel Management and Innovation Group, effective July 18, 2025. Mr. Yap has 1,875 PNB shares under his name. The company also announced retirement of Manuel C. Bahena, Jr. as First Senior Vice President, Chief Legal Counsel and Head of Legal Group, effective August 22, 2025. Recent Insider Transactions • Jul 19
President recently bought ₱2.3m worth of stock On the 16th of July, Edwin Bautista bought around 40k shares on-market at roughly ₱58.55 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱14m. Edwin has been a buyer over the last 12 months, purchasing a net total of ₱5.6m worth in shares. Recent Insider Transactions • Jul 09
President recently bought ₱1.6m worth of stock On the 3rd of July, Edwin Bautista bought around 30k shares on-market at roughly ₱54.40 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱14m. This was Edwin's only on-market trade for the last 12 months. Recent Insider Transactions • Jul 03
Key Executive recently bought ₱260k worth of stock On the 24th of June, Francis Albalate bought around 5k shares on-market at roughly ₱52.00 per share. This transaction amounted to 52% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Francis has been a buyer over the last 12 months, purchasing a net total of ₱586k worth in shares. Announcement • May 13
Philippine National Bank Approves Board Elections Philippine National Bank announced that at its AGM held on April 29, 2025, the shareholders approved election of Judith V. Lopez Marcia T. Uy and Cesar L. Villanueva as directors of the company. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: ₱3.99 (vs ₱3.45 in 1Q 2024) First quarter 2025 results: EPS: ₱3.99 (up from ₱3.45 in 1Q 2024). Revenue: ₱15.8b (up 18% from 1Q 2024). Net income: ₱6.09b (up 16% from 1Q 2024). Profit margin: 39% (in line with 1Q 2024). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₱48.50, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Banks industry in Philippines. Total returns to shareholders of 171% over the past three years. Recent Insider Transactions • Mar 30
Key Executive recently bought ₱326k worth of stock On the 21st of March, Francis Albalate bought around 7k shares on-market at roughly ₱44.00 per share. This transaction increased Francis' direct individual holding by 3x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₱5.0m. This was Francis' only on-market trade for the last 12 months. Announcement • Mar 28
Philippine National Bank Announces Management Changes Philippine National Bank announced that at the board meeting held on March 28, 2025, approved the resignation of Nanette O. Vergara as First Senior Vice President, Chief Credit Officer and Head of Credit Management Group, effective April 9, 2025. Reason is Expiration of the fixed-term employment. Mario Luis P. Cruel appointed as First Vice President, Chief Credit Officer and Head of Credit Management Group, effective April 10, 2025. Damasen Paul C. Cid appointed as Senior VP and Head of Digital Channel Management & Innovation Group, effective April 1, 2025. Recent Insider Transactions • Mar 13
Insider recently bought ₱5.0m worth of stock On the 5th of March, Roberto Baltazar bought around 120k shares on-market at roughly ₱41.80 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₱10.0m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 06
Inaugural dividend of ₱1.38 per share Eligible shareholders must have bought the stock before 13 March 2025. Payment date: 02 April 2025. This is the first dividend for Philippine National Bank since going public. The average dividend yield among industry peers is 3.5%. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₱41.80, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 7x in the Banks industry in Philippines. Total returns to shareholders of 113% over the past three years. Reported Earnings • Feb 27
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₱13.80 (up from ₱11.78 in FY 2023). Revenue: ₱55.9b (up 8.3% from FY 2023). Net income: ₱21.1b (up 17% from FY 2023). Profit margin: 38% (up from 35% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jan 25
Philippine National Bank, Annual General Meeting, Apr 29, 2025 Philippine National Bank, Annual General Meeting, Apr 29, 2025, at 08:01 W. Australia Standard Time. Price Target Changed • Dec 24
Price target decreased by 11% to ₱23.00 Down from ₱25.73, the current price target is an average from 3 analysts. New target price is 14% below last closing price of ₱26.85. Stock is up 46% over the past year. The company is forecast to post earnings per share of ₱11.16 for next year compared to ₱11.78 last year. Announcement • Nov 25
Philippine National Bank Announces Management Changes Philippine National Bank advised the Exchange that during its meeting held on November 22, 2024, the PNB Board of Directors approved and confirmed the promotion of the following senior officers of the Bank. Bernabe R. Punsalan, from Senior Vice President to First Senior Vice President. Effective Date of Change- December 1, 2024. Lotus R. Altavas, from First Vice President to Senior Vice President. Effective Date of Change- December 1, 2024. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ₱3.10 (vs ₱2.47 in 3Q 2023) Third quarter 2024 results: EPS: ₱3.10 (up from ₱2.47 in 3Q 2023). Revenue: ₱13.9b (up 33% from 3Q 2023). Net income: ₱4.74b (up 26% from 3Q 2023). Profit margin: 34% (down from 36% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₱27.80, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 6x in the Banks industry in Philippines. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₱44.40 per share. Major Estimate Revision • Aug 27
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₱56.4b to ₱60.6b. EPS estimate increased from ₱10.13 to ₱11.78 per share. Net income forecast to shrink 11% next year vs 10% growth forecast for Banks industry in Philippines . Consensus price target of ₱26.65 unchanged from last update. Share price rose 2.0% to ₱22.60 over the past week. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ₱3.25 (vs ₱3.25 in 2Q 2023) Second quarter 2024 results: EPS: ₱3.25 (in line with 2Q 2023). Revenue: ₱13.1b (down 5.8% from 2Q 2023). Net income: ₱4.95b (flat on 2Q 2023). Profit margin: 38% (up from 36% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ₱3.45 (vs ₱3.15 in 1Q 2023) First quarter 2024 results: EPS: ₱3.45 (up from ₱3.15 in 1Q 2023). Revenue: ₱13.4b (down 2.5% from 1Q 2023). Net income: ₱5.26b (up 9.7% from 1Q 2023). Profit margin: 39% (up from 35% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 11
Now 21% undervalued Over the last 90 days, the stock has risen 3.7% to ₱19.50. The fair value is estimated to be ₱24.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are forecast to decline by 12% per annum over the same time period. Price Target Changed • Apr 05
Price target decreased by 7.3% to ₱25.48 Down from ₱27.48, the current price target is an average from 4 analysts. New target price is 29% above last closing price of ₱19.80. Stock is up 4.9% over the past year. The company is forecast to post earnings per share of ₱8.68 for next year compared to ₱11.78 last year. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: ₱11.78 (vs ₱7.56 in FY 2022) Full year 2023 results: EPS: ₱11.78 (up from ₱7.56 in FY 2022). Revenue: ₱51.6b (up 15% from FY 2022). Net income: ₱18.0b (up 56% from FY 2022). Profit margin: 35% (up from 26% in FY 2022). Non-performing loans: 7.50% (up from 7.38% in FY 2022). Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jan 30
Philippine National Bank, Annual General Meeting, Apr 30, 2024 Philippine National Bank, Annual General Meeting, Apr 30, 2024, at 08:00 Singapore Standard Time. Agenda: To consider call to order ; to consider secretary proof of notice and quorum ; to approval of the minutes of the 2023 annual stockholders meeting held on April 25 , 2023 ; to report of the president on the results of operations for the year 2023 ; to approval of the 2023 annual report ; and to consider other matters if any. Price Target Changed • Jan 10
Price target increased by 9.8% to ₱27.75 Up from ₱25.27, the current price target is an average from 4 analysts. New target price is 49% above last closing price of ₱18.68. Stock is down 1.7% over the past year. The company is forecast to post earnings per share of ₱9.28 for next year compared to ₱7.56 last year. Announcement • Dec 15
Philippine National Bank Announces Management Changes Philippine National Bank advised the Exchange that during its meeting held on December 15, 2023, the PNB Board of Directors noted, approved and confirmed the following: End of Management Contract of Ms. Teresita U. Sebastian, SVP and Head of International Banking & Remittance Group (IBRG) under the Retail Banking Sector, effective December 19, 2023; Appointment of Mr. Jose German M. Licup, FSVP, as Head of IBRG under the Retail Banking Sector in concurrent capacity as Chief of Staff under the Office of the President effective December 20, 2023, vice SVP Teresita U. Sebastian; Appointment of Mr. Jose German M. Licup, FSVP, as Director with Senior Management Function 7 of PNB (Europe) PLC, subject to the final approval of the UK Regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), vice SVP Teresita U. Sebatian; and Mandatory retirement of Mr. Cenon C. Audencial, Jr., EVP and Head of the Institutional Banking Sector, effective January 31, 2024. Further, advised that Mr. Licup has no beneficial ownership over any PNB shares as of date. Reported Earnings • Nov 14
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: ₱2.47 (up from ₱0.18 in 3Q 2022). Revenue: ₱10.4b (up 36% from 3Q 2022). Net income: ₱3.76b (up ₱3.49b from 3Q 2022). Profit margin: 36% (up from 3.5% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 25
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₱55.7b to ₱57.2b. EPS estimate increased from ₱9.01 to ₱9.95 per share. Net income forecast to grow 27% next year vs 18% growth forecast for Banks industry in Philippines. Consensus price target of ₱24.17 unchanged from last update. Share price was steady at ₱18.68 over the past week. Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ₱3.25 (down from ₱5.40 in 2Q 2022). Revenue: ₱13.9b (down 25% from 2Q 2022). Net income: ₱4.96b (down 40% from 2Q 2022). Profit margin: 36% (down from 44% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 150%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: ₱3.15 (vs ₱1.84 in 1Q 2022) First quarter 2023 results: EPS: ₱3.15 (up from ₱1.84 in 1Q 2022). Revenue: ₱13.8b (up 29% from 1Q 2022). Net income: ₱4.80b (up 71% from 1Q 2022). Profit margin: 35% (up from 26% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: ₱7.56 (down from ₱21.21 in FY 2021). Revenue: ₱44.9b (down 32% from FY 2021). Net income: ₱11.5b (down 64% from FY 2021). Profit margin: 26% (down from 49% in FY 2021). Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jan 30
Philippine National Bank, Annual General Meeting, Apr 25, 2023 Philippine National Bank, Annual General Meeting, Apr 25, 2023, at 08:00 Singapore Standard Time. Agenda: To approve the Minutes of the 2022 Annual Stockholders' Meeting held on April 26, 2022;to approve the 2022 Annual Report;to ratify All Legal Acts, Resolutions and Proceedings of the Board of Directors and Corporate Officers since the 2022 Annual Stockholders' Meeting;to elect Directors;to appoint External Auditor and to discuss such other matters. Announcement • Jan 03
Philippine National Bank Announces Board and Committee Changes Philippine National Bank announced the Exchange that during its meeting held December 29, 2022, the PNB Board of Directors approved and confirmed the following: Appointment of Mr. Felix Enrico R. Alfiler as Director of the Bank, effective December 29, 2022. Mr. Alfiler is currently a Board Advisor of the Bank. He was an Independent Director of the Bank from January 1, 2012 to April 26, 2021. Mr. Alfiler completed his undergraduate and graduate studies in Statistics at the University of the Philippines. He undertook various continuing education programs, including financial analysis and policy, at the IMF Institute of Washington, D.C. in 1981 and on the restructured electricity industry of the UK in London in 1996. Presently, he is the Chairman/Independent Director of PNBRCI Holding Co. Ltd., PNB International Investments Corp. and Summit General Insurance Corporation. Revisions to the memberships of the following Board Committees: Appointed Felix Enrico R. Alfiler as Member of Executive Committee. Board Strategy and Policy Committee: Appointed Felix Enrico R. Alfiler as Chairman in place of Leonilo G. Coronel. Appointed Leonilo G. Coronel as member of Board Strategy and Policy Committee from Chairman. Trust Committee: Appointed Felix Enrico R. Alfiler as Member. Board IT Governance Committee: Appointed Felix Enrico R. Alfiler as Member. Announcement • Nov 28
Philippine National Bank Appoints Jennifer Y. Ng as Head of Marketing Services/Intelligence Analytics and Performance Group, Effective January 16, 2023 The Board of Directors of Philippine National Bank at meeting held on November 25, 2022, approved and confirmed the appointment of Ms. Jennifer Y. Ng, Senior Vice President, as Head of Marketing Services/Intelligence Analytics and Performance Group, effective January 16, 2023. Reported Earnings • Nov 18
Third quarter 2022 earnings released: EPS: ₱0.18 (vs ₱1.24 in 3Q 2021) Third quarter 2022 results: EPS: ₱0.18 (down from ₱1.24 in 3Q 2021). Revenue: ₱7.66b (down 23% from 3Q 2021). Net income: ₱270.1m (down 88% from 3Q 2021). Profit margin: 3.5% (down from 22% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from ₱8.59 to ₱11.18. Revenue forecast steady at ₱48.7b. Net income forecast to shrink 33% next year vs 14% growth forecast for Banks industry in Philippines . Consensus price target broadly unchanged at ₱24.42. Share price was steady at ₱17.98 over the past week. Announcement • Aug 31
Philippine National Bank Announces Management Changes Philippine National Bank appointed Ms. Celeste Marie V. Lim, SVP, as officer-in-charge/head of marketing services/Intelligence analytics and performance group in concurrent capacity as head of cards banking solution group, effective September 1, 2022 and appointed Wilfrido E. Sanchez as member of the risk oversight committee. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: ₱5.40 (vs ₱13.31 in 2Q 2021) Second quarter 2022 results: EPS: ₱5.40 (down from ₱13.31 in 2Q 2021). Revenue: ₱18.6b (down 32% from 2Q 2021). Net income: ₱8.24b (down 59% from 2Q 2021). Profit margin: 44% (down from 74% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is expected to shrink by 15% compared to a 22% growth forecast for the Banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Jul 23
Philippine National Bank Appoints Analisa I. San Pedro as Head of Internal Audit Group and Chief Audit Executive, Effective August 1, 2022 Philippine National Bank announced that the Meeting of the Board of Directors held on July 22, 2022, approved the appointment of Ms. Analisa I. San Pedro, Vice President, as Head of Internal Audit Group and Chief Audit Executive, effective August 1, 2022. Major Estimate Revision • Jul 19
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ₱45.8b to ₱46.4b. EPS estimate increased from ₱4.67 to ₱5.25 per share. Net income forecast to shrink 74% next year vs 26% growth forecast for Banks industry in Philippines . Consensus price target of ₱25.34 unchanged from last update. Share price was steady at ₱17.96 over the past week. Announcement • Jul 06
Philippine National Bank Announces Executive Changes Philippine National Bank announced the resignation of Mr. Jose Arnulfo A. Veloso as President and Chief Executive Officer (CEO) of the Bank, effective July 5, 2022; appointment of Mr. Florido P. Casuela, Director, as Officer-in-Charge of PNB, effective July 5, 2022; and 3. Revision to the membership of the Trust Committee: FROM Florido P. Casuela - Chairman; Sheila T. Pascual - Vice-Chairman; Leonilo G. Coronel - Member; Vivienne K. Tan - Member; Federico C. Pascual - Non-voting Member; Wilfrido E. Sanchez - Non-voting Member; Jose Arnulfo A. Veloso - Member (Ex-Officio); Joy Jasmin R. Santos - Member (Ex-Officio). TO Sheila T. Pascual - Chairman; Leonilo G. Coronel - MemberVivienne K. Tan - Member; Federico C. Pascual - Non-voting Member; Wilfrido E. Sanchez - Non-voting Member; Florido P. Casuela - Member (Ex-Officio); and Joy Jasmin R. Santos - Member (Ex-Officio). Price Target Changed • Jun 17
Price target decreased to ₱25.34 Down from ₱32.78, the current price target is an average from 4 analysts. New target price is 39% above last closing price of ₱18.26. Stock is down 20% over the past year. The company is forecast to post earnings per share of ₱4.67 for next year compared to ₱21.21 last year. Reported Earnings • May 14
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₱1.84 (up from ₱1.15 in 1Q 2021). Revenue: ₱10.7b (up 19% from 1Q 2021). Net income: ₱2.80b (up 60% from 1Q 2021). Profit margin: 26% (up from 19% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Over the next year, revenue is expected to shrink by 30% compared to a 21% growth forecast for the industry in Philippines. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 19
Price target decreased to ₱31.18 Down from ₱33.80, the current price target is an average from 5 analysts. New target price is 63% above last closing price of ₱19.16. Stock is down 16% over the past year. The company is forecast to post earnings per share of ₱4.59 for next year compared to ₱21.21 last year. Reported Earnings • Mar 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₱21.21 (up from ₱1.67 in FY 2020). Revenue: ₱64.1b (up 120% from FY 2020). Net income: ₱32.4b (up ₱29.8b from FY 2020). Profit margin: 51% (up from 8.8% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.24% (down from 3.31% in FY 2020). Cost-to-income ratio: 59.8% (down from 61.3% in FY 2020). Non-performing loans: 11.08% (down from 11.31% in FY 2020). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Over the next year, revenue is expected to shrink by 26% compared to a 23% growth forecast for the banks industry in Philippines. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 30
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ₱76.3b to ₱60.1b. EPS estimate unchanged at ₱15.49 per share. Net income forecast to shrink 49% next year vs 17% growth forecast for Banks industry in Philippines . Consensus price target of ₱33.80 unchanged from last update. Share price was steady at ₱20.10 over the past week. Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS ₱7.01 (vs ₱1.64 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₱9.90b (flat on 3Q 2020). Net income: ₱2.17b (down 14% from 3Q 2020). Profit margin: 22% (down from 25% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 21
Price target decreased to ₱29.24 Down from ₱32.63, the current price target is an average from 4 analysts. New target price is 40% above last closing price of ₱20.85. Stock is down 24% over the past year. The company is forecast to post earnings per share of ₱15.28 for next year compared to ₱1.67 last year. Announcement • Sep 14
Philippine National Bank Ordinary Shares to Be Deleted from Other OTC Philippine National Bank PNB Ordinary Shares (Philippines) will be deleted from Other OTC effective from September 14, 2021, due to Inactive Security. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₱43.1b to ₱76.3b. EPS estimate fell from ₱3.84 to ₱3.63. Net income forecast to shrink 72% next year vs 24% growth forecast for Banks industry in Philippines . Consensus price target down from ₱33.43 to ₱32.63. Share price fell 5.8% to ₱20.35 over the past week. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS ₱5.67 (vs ₱0.03 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₱27.3b (up 344% from 2Q 2020). Net income: ₱20.3b (up ₱20.3b from 2Q 2020). Profit margin: 74% (up from 0.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 23% per year. Executive Departure • Jul 15
First Senior VP & Head of Metro Manila Commercial Banking Group Lee Eng So has left the company On the 12th of July, Lee Eng So's tenure as First Senior VP & Head of Metro Manila Commercial Banking Group ended. We don't have any record of a personal shareholding under Lee Eng's name. A total of 9 executives have left over the last 12 months. The current median tenure of the management team is 2.46 years. Executive Departure • Jul 06
Independent Director Angelito Villanueva has left the company On the 27th of June, Angelito Villanueva's tenure as Independent Director ended after less than a year in the role. We don't have any record of a personal shareholding under Angelito's name. A total of 8 executives have left over the last 12 months. The current median tenure of the management team is 2.46 years. Executive Departure • Jun 01
Executive VP, CFO & Head of Financial Management Sector has left the company On the 27th of May, Nelson Reyes' tenure as Executive VP, CFO & Head of Financial Management Sector ended after 6.4 years in the role. As of March 2021, Nelson personally held only 6.74k shares (₱153k worth at the time). A total of 8 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorated over the past week After last week's 27% share price decline to ₱20.80, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Banks industry in Philippines. Total loss to shareholders of 58% over the past three years. Price Target Changed • May 14
Price target increased to ₱35.98 Up from ₱33.23, the current price target is an average from 5 analysts. New target price is 26% above last closing price of ₱28.50. Stock is up 39% over the past year. Reported Earnings • May 13
First quarter 2021 earnings released: EPS ₱1.15 (vs ₱0.86 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ₱8.99b (flat on 1Q 2020). Net income: ₱1.75b (up 33% from 1Q 2020). Profit margin: 19% (up from 15% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Executive Departure • May 01
Independent Chairperson of the Board has left the company On the 27th of April, Florencia Tarriela's tenure as Independent Chairperson of the Board ended after 19.9 years in the role. As of December 2020, Florencia personally held only 2.00 shares (₱58.0 worth at the time). A total of 7 executives have left over the last 12 months. Executive Departure • May 01
Non Executive Director has left the company On the 27th of April, Christopher Nelson's tenure as Non Executive Director ended after 8.1 years in the role. As of December 2020, Christopher personally held only 100.00 shares (₱2.9k worth at the time). A total of 7 executives have left over the last 12 months. Executive Departure • May 01
Independent Vice Chairman of the Board Felix Enrico Alfiler has left the company On the 27th of April, Felix Enrico Alfiler's tenure as Independent Vice Chairman of the Board ended after 9.3 years in the role. As of December 2020, Felix Enrico personally held only 8.32k shares (₱244k worth at the time). A total of 7 executives have left over the last 12 months. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₱27.15, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Banks industry in Philippines. Total loss to shareholders of 46% over the past three years. Executive Departure • Apr 13
Independent Chairperson of the Board has left the company On the 8th of April, Florencia Tarriela's tenure as Independent Chairperson of the Board ended after 19.9 years in the role. As of December 2020, Florencia personally held only 2.00 shares (₱58.0 worth at the time). A total of 7 executives have left over the last 12 months. Executive Departure • Apr 13
Independent Vice Chairman of the Board Felix Enrico Alfiler has left the company On the 8th of April, Felix Enrico Alfiler's tenure in the role of Independent Vice Chairman of the Board ended. As of December 2020, Felix Enrico personally held only 8.32k shares (₱244k worth at the time). A total of 7 executives have left over the last 12 months. Major Estimate Revision • Apr 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ₱43.5b to ₱42.7b. EPS estimate rose from ₱3.09 to ₱3.58. Net income forecast to grow 114% next year vs 12% growth forecast for Banks industry in Philippines. Consensus price target broadly unchanged at ₱33.23. Share price rose 2.2% to ₱23.15 over the past week. Price Target Changed • Mar 25
Price target increased to ₱33.57 Up from ₱30.24, the current price target is an average from 6 analysts. New target price is 47% above last closing price of ₱22.85. Stock is up 14% over the past year. Major Estimate Revision • Mar 25
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₱42.9b to ₱43.5b. EPS estimate fell from ₱3.51 to ₱3.09 per share. Net income forecast to grow 84% next year vs 11% growth forecast for Banks industry in Philippines. Consensus price target up from ₱30.24 to ₱33.57. Share price was steady at ₱22.85 over the past week. Reported Earnings • Mar 19
Full year 2020 earnings released: EPS ₱1.67 (vs ₱6.98 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₱29.1b (down 24% from FY 2019). Net income: ₱2.55b (down 73% from FY 2019). Profit margin: 8.8% (down from 25% in FY 2019). Net interest margin (NIM): 3.31% (no change from 3.31% in FY 2019). Cost-to-income ratio: 61.3% (down from 63.2% in FY 2019). Non-performing loans: 11.31% (up from 3.21% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 23% per year whereas the company’s share price has fallen by 25% per year. Announcement • Mar 12
Philippine National Bank Announces Board Changes Philippine National Bank announced that during its meeting held on March 10, 2021, the PNB Board of Directors approved and confirmed the following nominees to the Board of Directors of the Bank for the year 2021-2022, as endorsed by the Corporate Governance and Sustainability Committee: Mr. Felix Enrico R. Alfiler, Mr. Florido P. Casuela, Mr. Edgar A. Cua, Mr. Leonilo G. Coronel, Mr. Estelito P. Mendoza, Mr. Federico C. Pascual, Ms. Sheila T. Pascual, Ms. Carmen K. Tan, Mr. Lucio C. Tan, Mr. Lucio C. Tan III, Mr. Michael G. Tan, Ms. Vivienne K. Tan, Ms. Florencia G. Tarriela, Mr. Jose Arnulfo A. Veloso and Mr. Domingo H. Yap. Mr. Felix Enrico R. Alfiler, Mr. Edgar A. Cua, Mr. Federico C. Pascual, Ms. Florencia G. Tarriela and Mr. Domingo H. Yap were nominated as Independent Directors. Announcement • Feb 26
Philippine National Bank, Annual General Meeting, Apr 27, 2021 Philippine National Bank, Annual General Meeting, Apr 27, 2021, at 08:00 Singapore Standard Time. Agenda: To consider approval of the Minutes of the 2020 Annual Stockholders' Meeting held on June 23, 2020; to approve report of the President on the Results of Operations for the Year 2020; to consider approval of the 2020 Annual Report; to approve ratification of All Legal Acts, Resolutions and Proceedings of the Board of Directors and Corporate Officers since the 2020 Annual Stockholders' Meeting; to consider election of Directors; to consider appointment of External Auditor; and to consider other matters. Is New 90 Day High Low • Feb 26
New 90-day low: ₱24.45 The company is down 18% from its price of ₱29.95 on 27 November 2020. The Filipino market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is flat over the same period. 
