BPI posts 60% growth in first-quarter net income

Ayala-led Bank of the Philippine Islands (BPI) opened the year with a nearly 60% growth in its bottom line, which the firm attributed to higher net interest income and lower loss provisions.

First-quarter net income stood at P8.0 billion to reflect a 59.6% climb from the same period in 2021, as net interest income climbed by 12.7% to P19.0 billion. Non-interest income slipped 14.5% to P6.4 billion.

BPI’s provisions declined by 30.6% to P2.5 billion from P3.6 billion, with the ratio of its non-performing loans down to 2.38% from 2.49% at the end of 2021. Coverage ratio was 149.6%.

The bank’s total loans increased by 7.1% to P1.5 trillion, with increases seen in loan volumes for corporate (up 7.7%), mortgage (by 6.6%), and credit card portfolios (up 12.2%).

Deposits increased 13.1% to P1.9 trillion, total assets by 9.88% to P2.4 trillion, and equity at P300.00 billion.

BPI’s principal subsidiaries include BPI Family Savings Bank Inc., BPI Capital Corp., BPI Direct BanKo Inc., BPI International Finance Limited, BPI Remittance Centre Hong Kong Ltd., BPI (Europe) Pld., BPI Century Tokyo Lease & Finance Corp., BPI/MS Insurance Corp., BPI Asset Management and Trust Corp., and BPI Investment Management Inc.

It ended 2020 with 869 branches in the country, including five kiosk branches. It has one branch in Hong Kong, and two branches in London.

Shares in BPI were up by 5 cents or 0.05% at P99.85 as of 10:58 a.m. on Thursday.—AOL, GMA News