Expenses cap BPI’s income growth
The first-quarter net income of Ayala-led Bank of the Philippine Islands (BPI) inched up by 1.3 percent year-on-year to P4.98 billion as revenue growth was tempered by a faster increase in expenses.
In a disclosure to the Philippine Stock Exchange Tuesday, BPI attributed the marginal profit hike from last year’s level of P4.92 billion to the performance of its core lending business, non-interest income as well securities trading.
It said comprehensive income jumped 12.6 percent to P5.5 billion during the January to March period.
BPI’s end-March total revenues rose 4.9 percent to P15.27 billion, buoyed by the 6-percent growth in net interest income to P10 billion.
“Non-interest income grew 2.8 percent to P5.27 billion with securities and foreign exchange trading combining for a P1.2-billion gain,” it added.
At the end of the first three months of the year, operating expenses reached P7.85 billion, up 7.3 percent on the back of higher marketing-related and regulatory costs, BPI said.
Total loans stood at P861.22 billion, 18.1-percent higher than a year ago, with a mix of 78-percent corporate and 22-percent retail.
Total deposits, meanwhile, climbed 12.1 percent to P1.3 trillion.
Total assets as of March increased 8.6 percent to P1.54 trillion, while total capital went up 7.1 percent to P155.99 billion.
