AYALA-led Bank of the Philippine Islands chalked up a net profit of P18.23 billion last year, 1.1 percent higher than the level in the previous year, as higher interest income compensated for the slump in treasury gains.
In a press statement on Friday, BPI reported that total revenues had risen by 6.4 percent to P59.36 billion, driven by net interest income, which grew by 11 percent to P38.64 billion.
The bank’s foreign and securities trading marking gains amounted to P2.86 billion, easing from P3.1 billion in the previous year. Non-interest income amounted to P20.72 billion, down by 1.2 percent.
Comprehensive income was P16.69 billion, slipping by 7.1 percent.
“Last year, we worked to strike a balance between growth and profitability. Amidst volatile markets, we focused on margins and fees. We organized the bank around clients, recognizing that they are key to our success,” BPI president Cezar Consing said.
Return on equity last year stood at 12.3 percent, slipping by 1.4 percent.
BPI grew its loan book by 9.1 percent to P872.86 billion while deposits likewise expanded by 8.5 pervent to P1.28 trillion.