BPI nets P51.7B in 2023, up 30.5%

Ayala-led Bank of the Philippine Islands (BPI) saw its bottom line grow by double digits in 2023 on the back of higher revenues and lower loan loss provisioning.

In a disclosure to the Philippine Stock Exchange on Friday, BPI reported a net income of P51.7 billion last year, up 30.5% from the P39.6 billion recorded in 2022.

Excluding the impact of a one-off gain from a property sale in the second quarter of 2022, the bank said its earnings would be higher by 44.1% year-on-year.

BPI’s total revenues stood at P138.3 billion, up 16.7% year-on-year, “attributable to the 22.7% increase in net interest income to P104.4 billion.”

Non-interest income grew by 1.5% to P34 billion on the back of trading income gains of P5.2 billion, up 37.0% year-on-year.

This, however, was offset by the 3% decline in fee-based income to P28.8 billion.

BPI said it booked loan loss provisions of P4 billion, down 56.4% year-on-year as the non-performing loans ratio stood at 1.84% with a 156.1% coverage as of the end of 2023.

Total loans amounted to P1.9 trillion, up 10.5% year-on-year “due to the strong growth across all portfolios.”

Total deposits stood at P2.3 trillion, up 9.5% year-on-year.

BPI ended 2023 with total assets of P2.9 trillion, up 10.9% from a year earlier.

Meanwhile, the merger of BPI and Robinsons Bank Corporation officially took effect on January 1, 2024, with BPI as the surviving entity.

“This merger will expand reach and enrich the overall banking experience of its customers by unlocking synergies within the BPI Group and Gokongwei ecosystems,” the bank said. – VBL, GMA Integrated News