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Philippine National Bank said its end-June earnings grew 31 percent from a year ago due to strong lending and lower expenses.
In a statement, PNB said its net income jumped to P813 million.
The bank's first-half net interest income reached P3 billion, up 8.0 percent year-on-year while income from service fees, commission and foreign exchange gains was also significant at P2.9 billion.
With cost-efficiency improvements, PNB's operating expenses declined by 4.0 percent during the period.
Total resources stood at P244.3 billion, higher by P4.6 billion, as active lending activities spurred asset expansion. Net loans and receivables grew by P2.5 billion to P79 billion.
The bank has strengthened its balance sheet by offering P6.0 billion worth of tier 2 subordinated notes in June. The debt issue generated demand of over P9.0 billion, triple the original deal size.
PNB's capital adequacy ratio was at a solid 20.6 percent, more than double the minimum requirement of 10 percent. Total deposits, meanwhile, were steady at P178.2 billion.
PNB is set to merge with another Lucio Tan-controlled bank, Allied Banking Corp., within this quarter to create the country's fourth-largest bank by assets. The merger will be done through a share swap.
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