BPI Q1 revenues soar, income hits P15.3B

MANILA, Philippines — Zobel family-led Bank of the Philippine Islands (BPI) posted a record-high net income of P15.3 billion in the first three months of the year as revenues soared.

In a stock exchange filing on Monday, BPI said this was equivalent to a 25.8-percent increase from the same period last year.

Revenues from January to March reached P39.5 billion, up by 24.6 percent, as the loan portfolio of the country’s fourth largest bank grew.

Net interest income climbed by 23.5 percent to P29.8 billion as the average daily balance of loans increased by 18.5 percent.

BPI’s first quarter performance resulted in a return on equity of 15.7 percent against 15.4 percent last year.

Noninterest income, meanwhile, grew by 28.1 percent to P9.7 billion on the stronger performance of its insurance, credit card and wealth management businesses.

READ: BPI posted record profit in 2023

Total assets also grew by 14.7 percent to P3.1 trillion. Deposits, meanwhile, reached P2.4 trillion, up by 12.8 percent.

Last month, BPI rolled out its $400-million bond sale after pricing the five-year offshore debt offer, marking its first dollar-denominated bond issuance since 2019.

Proceeds from the issuance will be used for “refinancing and general corporate purposes,” BPI said.

The notes were issued under the bank’s $3-billion medium-term notes program. —Meg J. Adonis INQ