BPI nets P11.7B

AFP

Ayala-led Bank of the Philippine Islands (BPI) booked P11.7 billion in net profit in the first semester, down by 7.7 percent year-on-year in the absence of one-time treasury gains that boosted comparative income.

Excluding one-off income from sale of held-to-maturity securities in June 2016, net income for the first semester went up by 48 percent, the bank said in a regulatory filing on Thursday.

Total revenues were flat at P35.3 billion. Net interest income increased by 13.6 percent year-on-year to P23.5 billion supported by a wider average net interest margin and a greater lending activities relative to deposits generated.

Non-interest income dropped by 18.4 percent year-on-year to P11.8 billion, attributable to lower securities trading gains.