MANILA, Philippines – Ayala-led Bank of the Philippine Islands (BPI) grew its second quarter net profit by 46.8 percent year-on-year to P7.01 billion, as higher trading gains and fee-based income complemented the double-digit expansion in net interest earnings.
This brought the six-month net profit to P13.74 billion, rising by 24.6 percent from the previous year, BPI disclosed to the Philippine Stock Exchange on Thursday.
Comprehensive income for the first half went up by 62.8 percent year-on-year to P15.25 billion.
Total revenues for the first half increased by 23.3 percent to P45.90 billion, driven by a 24.1percent year-on-year growth in net interest income which reached P32.36 billion.
Net interest margin widened by 38 basis points on higher asset yields, which rose by 103 basis points, partially offset by higher cost of funds.
BPI grew its loan book during the six-month period by 10.8 percent year-on-year to P1.35 trillion, boosted by corporate and consumer loans which increased by 11.6 percent and 10.3 percent, respectively.
Non-interest income reached P13.54 billion in the first half, up by 21.5 percent year-on-year, driven by increases in securities trading gains and fee-based income. /gsg