Ayala-led Bank of the Philippine Islands grew third quarter net profit by 14 percent year-on-year to P5.36 billion on the back of higher interest earnings.
For the nine-month period, net profit fell by 1.9 percent to P17.05 billion. But excluding one-off gains from the sale of securities in June 2016, BPI’s core net profit rose by 32.7 percent year-on-year.
Total revenues in the first nine months of the year increased by 5.2 percent year-on-year to P53.04 billion, driven by net interest income which surged by 13.5 percent to P35.5 billion. The rise in interest earnings was supported by a wider average net interest margin while the bank converted more deposits into loans or earning assets.
On the other hand, non-interest income declined by 8.4 percent year-on-year to P17.54 billion, mainly due to the absence of significant one-off trading gains similar to those realized in June 2016.