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