BPI earnings rise 5.2% to P50.5 B in 9 months

The Bank of the Philippine Islands (BPI) posted a net income of P50.5 billion in the first nine months, up by 5.2 percent from P48 billion a year ago, as higher revenues offset the rise in expenses and loan-loss provisions.

- By KEISHA TA-ASAN

The 174-year-old bank said its performance was anchored on sustained loan growth and stronger non-interest income streams, particularly from credit cards, wealth management and trading.

Total revenues rose by 13.2 percent year-on-year to P142.3 billion, supported by a 16.2-percent surge in net interest income to P109.1 billion. The improvement was driven by an 8.7-percent expansion in the average earning asset base and a 30-basis point rise in net interest margin to 4.6 percent.

Non-interest income also climbed by 4.2 percent to P33.3 billion, buoyed by the bank’s fee-based businesses and market-related gains.