Listed Philippine National Bank (PNB) is bullish on the effectiveness of its business strategies against the impact of coronavirus pandemic on its operations last year.

In a statement on Thursday, PNB President and Chief Executive Officer Wick Veloso was quoted as saying that the economic fallout from the coronavirus disease 2019 (Covid-19) pandemic made it necessary for the Tan-led lender to adopt a more prudent approach in asset deployment and recognize substantial credit provisioning which adversely impacted its bottom line in order to protect the balance sheet.