BPI's 9-month profit hits P15.8 billion
MANILA, Philippines - Bank of the Philippine Islands (BPI) on Wednesday said its 9-month net income jumped 19% to P15.8 billion, compared with P13.2 billion it posted a year ago.
In a statement, BPI said total revenues rose 12%, as net interest income improved on the 16% expansion in average asset base, and the 15% increase in non-interest income driven by increases in fees and commissions,
income from insurance operations, foreign exchange trading, and other operating income.
Operating expenses grew by 6.7% during the 9-month perid, due to technology-related expenses and other
variable costs. Impairment losses, on the other hand, decreased by 15.6%.
For the January to September period, BPI's total deposits reached P889 billion, 27% higher on the back of growth in savings and demand deposits.
BPI's loan portfolio grew 15% to P549 billion, with lending to all segments continuing to be strong. Gross 30 days NPL ratio improved to 2.1% versus last year’s 2.3%, while reserve cover was 119%.
BPI's market capitalization stood at P343 billion as of end September, allowing it to retain its position as the Philippines’ most valuable bank.
"We are very pleased with the momentum across our corporate and consumer franchises, and are well positioned to take advantage of changing market conditions," BPI President and CEO Mr. Cezar Consing said.