Strong loan growth propels BPI's first-quarter profitability

Ayala-led Bank of the Philippine Islands (BPI) reported a strong first-quarter net income of P16.6 billion, a nine percent increase year-on-year, driven by higher revenues that surpassed increased operating expenses and provisions for losses.

- BY DERCO ROSAL

In a statement, the bank said its net income reached P16.6 billion in the first three months of the year P15.3 billion in the same period last year. This performance also represents an 18.3 percent increase from the previous quarter.

The bank attributed the solid financial outcome to higher revenues, which effectively absorbed the impact of increased operating expenses and provisions for potential losses. This translated to a return on equity of 15.35 percent and a return on assets of 2.05 percent.