BPI nets P25.1B in H1, up 23% from last year

Ayala-led Bank of the Philippine Islands (BPI) saw its bottom line grow by double digits in the first half of 2023.

In a disclosure to the Philippine Stock Exchange on Thursday, BPI reported a net income of P25.1 billion, up 23% year-on-year.

The bank attributed its financial performance to asset base expansion, margin growth, and lower provisions.

BPI said its total revenues stood at P65.6 billion, up 13.8% on the back of the 27.4% increase in net interest income to P50.1 billion, attributable to an average asset base expansion of 9.2% and a net interest margin widening of 56 basis points to 4.03%. 

The bank booked total assets of P2.7 trillion during the first half of 2023, up 8.9%.

Total loans during the period rose 10.5% to P1.7 trillion, boosted by loan growth in the corporate, credit card, and auto portfolios of 8.0%, 42.7%, and 20.4%, respectively. 

Total deposits increased 7.6% year-on-year to P2.1 trillion. — VBL, GMA Integrated News