AYALA-led Bank of the Philippine Islands reported a 36-percent year-on-year growth in first quarter net profit to P4.9 billion, supported by a double-digit rise in both interest and non-interest earnings.
The first quarter results translated to annualized return on equity and return on asset of 13.8 percent and 1.5 percent, respectively.
“We are pleased with our first quarter results,” BPI president Cezar Consing said in a press statement on Tuesday. “We begin the year with strong momentum, and are focused on growing our core lending and fee businesses, while maintaining cost efficiency.”
The bank said its core lending and deposit businesses had sustained strong growth.
Net loans stood at P730 billion, up by 14 percent year-on-year as lending to corporates increased by 13 percent and retail loans grew by 16 percent.
Net interest income for the period went up by 15 percent year-on-year to P9.43 billion on account of a 15-percent expansion in average asset base and a slight improvement in spreads.
Non-interest income was likewise up by 23 percent year-on-year in the first quarter to P5.13 billion, attributed by the bank to notable increases in income from the insurance business, fees and commissions as well as securities trading.