Quantcast
Latest Stories

BPI’s net income up 27%

Assets expanded by 13% to P1.02T in 1st half

By

Ayala-led Bank of the Philippine Islands grew its first semester year-on-year net profit by 27 percent to P12 billion on higher interest earnings, trading gains and fee-based income.

This brought the bank’s return on equity for the first half to 23.7 percent, the bank disclosed to the Philippine Stock Exchange on Wednesday. The country’s most valuable bank in terms of market capitalization also breached the P1-trillion mark in terms of total resources.

“The growth in our loan book is well balanced and funded by a deposit base that is low-cost and growing. We shortened the duration of our securities portfolio to reflect the changing market conditions, and our overall business is well poised to take advantage of a rising interest rate environment,” said BPI president Cezar Consing.

The bank’s revenue grew by 14 percent in the first six months, outpacing the 6-percent rise in operating expenses.

BPI saw a 6-percent increase in net interest income and a 23-percent improvement in non-interest from year-ago levels. Fees and commissions were up by 17 percent while foreign exchange and securities trading gains jumped by 24 percent and 14 percent, respectively.

The bank also grew its insurance income by 70 percent from a year ago while other operating income went up by 34 percent.

BPI grew its lending book by 17 percent year on year, fueled by an 18-percent growth in corporate loans and a 15-percent growth in consumer loans.

Asset quality remains strong, with a gross 30-day non-performing loan ratio of 2.2 percent.

Its total assets reached P1.02 trillion at the end of the first half, up by 13 percent from a year ago.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bank of the Philippine Islands (BPI) , Banking , Earnings , net income , Philippines



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Drug firm Novartis to help Leyte firefighter
  • Fears grow for hundreds missing in South Korea ferry capsize
  • Robot sub makes first complete search for plane
  • uFly fires flight simulator who appeared on CNN
  • DPWH allots P1.2 trillion for PH roads
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • Entertainment

  • Jay Z to bring Made in America music fest to LA
  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • DOF: Tagaytay, QC best at handling funds
  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Japan says visa-free entry still a plan
  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Marketplace