BPI 2024 net income up 20%

Ayala-led Bank of the Philippine Islands (BPI) reported a 20% growth in its full-year 2024 bottom line, on the back of the double-digit growth in its revenues during the period.

BPI said its net income rose to P62 billion in 2024, after growing by 8% in the fourth quarter to P14.1 billion. Non-interest income grew 25.3% to P42.6 billion.

Revenues for the year grew 23.0% to P170.1 billion, driven by the 22.4% in net interest income to P127.6 billion, while the average asset base expanded 16.8%, and net interest margin by 22 basis points to 4.31%.

Loans increased by 18.2% to P2.3 trillion, covering the portfolio acquired from the merger with Robinsons Bank Corp. The merger took effect on January 1, 2024. Excluding this, organic loan growth stood at 13.0%.

Institutional loans climbed by 11.1%, and non-institutional loans by 41.7%. Business banking grew 126.0%, personal loans by 92.1%, and microfinance by 62.3%. —RF, GMA Integrated News