PHOTO courtesy of BPI
MANILA, Philippines–Ayala-led Bank of the Philippine Islands grew its nine-month net profit by 19 percent year-on-year to P15.8 billion on a double-digit rise in net interest and non-interest earnings.
This translated to a return on equity of 20.5 percent and a return on assets of 2.2 percent, BPI disclosed to the Philippine Stock Exchange on Wednesday.
“We are very pleased with the momentum across our corporate and consumer franchises, and are well positioned to take advantage of changing market conditions,” BPI president and chief executive officer Cezar Consing said.
Total revenues went up by 12 percent from a year ago which was attributed to the improvement in net interest income in turn brought about by the 16 percent expansion in average asset base.
BPI grew its loan book by 15 percent year-on-year to P549 billion as the bank reported strong lending to all segments.
Non-interest income likewise grew by 15 percent year-on-year due to the increase in non-interest income, in turn driven by increases in fees and commissions, income from insurance operations, foreign exchange trading, and other operating income.