BPI net income up 43% in Q1

The Bank of the Philippine Islands (BPI) registered a net income of P8.4 billion for the first quarter of 2013, up 43 percent from P5.8 billion in the same period last year. In a statement Thursday, the Ayala-controlled bank said the improvement "was driven by the 21-percent growth in total revenues as the Bank took advantage of the favorable market condition to register securities trading gains." It said at the end of first quarter, BPI’s total resources were P940 billion, 16 percent higher year-on-year as deposits grew to P748 billion. It also said it was able to increase its assets under management to P758 billion, or 6 percent more than the same period last year.     BPI added net loans hit P514 billion, 19 percent better year-on-year, and that lending to top corporations was up by 25 percent, while the middle market and SME segments went up by 17 percent and 14 percent, respectively.   Consumer loans also grew by 15 percent. Gross 30 days NPL ratio was down to 2.1 percent from last year’s 2.5 percent. Reserve cover was 129 percent, the bank said.     Other non-interest income lines also improved, particularly service charges and commissions, trust fees, and corporate finance fees. Operating costs reached P6.6 billion, or 7 percent more year-on-year due to higher regulatory, technology, manpower, and variable costs. Impairment losses, however, were down from last year.    BPI’s market capitalization as of end of March 2013 stood at P391 billion. Its Basel 2 Capital Adequacy Ratio was 15.1 percent. — KBK/BM, GMA News