BPI nets P6.72B in Q1, up 7.6%

Ayala-led Bank of the Philippine Islands (BPI) posted a net income of P6.72 billion in the first quarter of 2019, up 7.6% from P6.25 billion a year earlier on the back of strong growth across its business.

In a disclosure to the Philippine Stock Exchange on Thursday, BPI said the first three months bottom line is also 10.8% higher compared to fourth quarter in 2018.

Total revenue for the period stood at P22.78 billion, up 23.5 percent driven by 28.8%  year-on-year growth in net interest income, which totaled P16.05 billion.

Total loans reached P1.35 trillion, up 11.5% boosted by strong growth in corporate loans, credit card loans, and housing loans at 11.8%, 20.3%, and 9.9%, respectively.

Total deposits reached P1.61 trillion, up 1.3%.

Non-interest income recorded a 12.4% increase versus the same period last year to P6.73 billion, attributed to increases in transaction-based service charges, credit card and rental businesses, and income from assets sold.

Operating expenses totaled P12.07 billion, 23.8% year-on-year, across all major categories, and primarily in technology and premises, reflecting the impact of the Bank’s continued investments in technology, digitalization, and its microfinance branch network.

BPI's total assets stood at P2.08 trillion, up 8.9% and Return on Assets (ROA) was at 1.34%.

Total capital reached P257.11 billion, up 35.6% on account of the stock rights offering (SRO) in May last year. — RSJ, GMA News