Philippine National Bank (PSE: PNB) ranked first in the Philippines in Forbes’ list of World’s Best Banks for 2024 from being second in the country in last year’s list. The ranking was based on a worldwide survey of more than 49,000 banking customers in 33 countries as highlighted in the story published by Forbes,“Meet the World’s Best Banks 2024”.

“This time around, we rose to become number one. It is a great honor for PNB to be recognized by Forbes as the best bank in the Philippines,” said PNB President Florido P. Casuela. “We are truly grateful for the continued trust and confidence of our customers. This recognition validates that we are on track in pursuing our vision of being among the top banks in terms of customer growth and satisfaction. We have made it our mission to promote financial prosperity for all Filipinos and their businesses – locally and internationally – and to empower them to help build a competitive, inclusive, and sustainable economy.”

PNB was among the 403 leading and best banks to appear in the global magazine giant’s ranking. Forbes once again partnered with market research firm, Statista, and gathered rankings through surveys conducted in 17 languages. The respondents evaluated banks where they currently have a checking or savings account, where they have had an account within the past three years, or that they knew through family or friends. The banks were rated in five key areas – trustworthiness, terms and conditions (such as fees and rates), customer service (wait times and helpfulness of employees), digital services (ease of using the website and app), and quality of financial advice.

According to Forbes, “There is a common thread, that appears to be driving today’s banking customers, namely that ‘consumer expectations of banking have evolved from ‘do it for me’ to ‘do it with me’.”

Recently, PNB launched its rebranding campaign, Every Step Together, which communicates the bank’s commitment to support customers in every stage of their life, anywhere in the world. The refreshed branding serves as an anchor in all of the bank’s customer experience initiatives.

For the year 2023, PNB reported a consolidated net income of Php18.0 billion – a record 55% year-on-year increase over its previous year’s income. Its net core banking income, which excludes gains on sale of acquired properties, climbed by an impressive 156% year-on-year. This translated to an improved return on equity of 10% from the 7% posted a year ago.