BPI profit hits P23.9B, exceeding expectations | Inquirer Business

BPI profit hits P23.9B, exceeding expectations

By: - Business Features Editor / @philbizwatcher
/ 12:58 PM January 31, 2022

MANILA, Philippines—Ayala-led Bank of the Philippine Islands (BPI) delivered P23.9 billion in full-year net profit, which was higher by 11.5 percent from the previous year and hitting market consensus forecast, as earnings accelerated in the fourth quarter when the government relaxed lockdown protocols.

BPI’s 2021 net profit was in line with the P23.85 billion earnings that the market expected the bank to deliver based on Bloomberg consensus.

ADVERTISEMENT

For the fourth quarter alone, BPI’s net profit rose by 51.2 percent year-on-year to P6.4 billion and by 13.2 percent quarter-on-quarter.

“Improving mobility conditions led to higher transaction volumes which fueled the sequential growth in revenues by 9.7 percent quarter-on-quarter,” the bank disclosed to the Philippine Stock Exchange on Friday (Jan. 28).

FEATURED STORIES

For the full-year, the 11.5 percent earnings expansion was mostly driven by lower provisions and record-high fee income.

TSB
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Bank of the Philippine Islands, Bloomberg, Business, economy, mobility
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.