Philippine National Bank (PNB) reported that its unaudited net income last year doubled to P2.2 billion from the previous record of P1.1 billion in 2008 due to strong gains in its core businesses, improvement in asset quality and higher operating efficiencies.

In a disclosure, the bank said net interest margin rose by 18 percent from P6.6 billion to P7.8 billion as interest income grew by 11 percent due to increased lending activities while interest expense inched up by only 1 percent given the improved funding mix.

Loans and receivables jumped by 14 percent. In 2009, PNB participated as either lead or co-arranger of several landmark deals to prime corporate and government clients in the telecommunication, energy and infrastructure industries, among others.

Consumer loans also grew briskly with the active cross-selling of auto, housing and multi-purpose loans by the branches coupled with promotional campaigns.