BPI Q2 profit up 21 pct

Posted at 08/01/2014 11:40 AM

MANILA, Philippines – The Bank of the Philippine Islands (BPI) posted a 21 percent increase in its net income for the second quarter of the year.

In a disclosure to the stock exchange, BPI said its net income jumped to P4.43 billion from April to June 2014 from P3.66 billion in the same period last year.

However, net income in the first six months of the year dipped to P8.03 billion, a decline of 33 percent compared to the first half of 2013.

The bank said its net interest income grew 15 percent in the first half of the year as it sustained growth in its core business.

Net loans and total deposits also increased by 23 percent and 30 percent, respectively.

The bank attributed its strong performance in its core lending business to its larger average asset base.

BPI, a unit of Ayala Corp. and partly owned by DBS Group, celebrated its 163rd anniversary on Friday.

“We are very pleased with the strength of our franchsie and the strong prospects that the Philippine economic environment affords us,” said BPI president and chief executive Cezar Consing.