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BPI chalks up 2018 net income of P23.08 billion

/ 06:35 PM February 20, 2019
BPI sign

File photo from Philippine Daily Inquirer

Ayala-led Bank of the Philippine Islands grew a fourth quarter 2018 net profit by 13 percent year-on-year to P6.07 billion, allowing Southeast Asia’s oldest bank to post a full-year growth in earnings after a flat performance for most of the past year.

BPI’s full-year net income reached P23.08 billion, up by 3 percent from the previous year on improved margins and expansion in earning assets.

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For the fourth quarter alone, BPI’s revenues grew by 20.4 percent year-on-year.

Net interest income rose by 19.4 percent, while non-interest income increased by 22.6 percent from their comparative levels in 2017.

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Total revenues for 2018 increased by 10.6 percent to P78.52 billion, driven by 16.2-percent growth in net interest income, which reached P55.84 billion.

The increase in net interest income was a result of a 9-percent increase in average asset base and a 21-basis point expansion in net interest margin (NIM).

The yield on interest-earning assets improved by 49 basis points, partially offset by a 34-basis point increase in the cost of funds, owing to higher documentary stamp taxes, higher time deposit rates, and an increase in other borrowings.

Total loans stood at P1.35 trillion, reflecting a 12.7 percent growth year-on-year, boosted by strong growth in corporate loans and credit card loans at 13.3 percent and 23.8 percent, respectively. /atm

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TAGS: Bank of the Philippine Islands, BPI 2018 net income
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