BPI’s Q3 net profit down 34% on higher loan loss buffer

Ayala-led Bank of the Philippine Islands (BPI) booked P17.17 billion in January to September net profit, down by 22.1 percent year-on-year due to much higher provisions set aside for probable loan losses.

BPI booked P21.06 billion in loan loss buffer for the first nine months, 4.6 times higher than the provisioning expense in the same period last year, based on the bank’s regulatory filing.

For the third quarter alone, BPI’s net income amounted to P5.5 billion, a 33.7-percent decrease from last year’s P8.29 billion.