BPI nets record P50.5B in January-September

MANILA, Philippines — Bank of the Philippine Islands (BPI) netted a record P50.5 billion in the first nine months of the year, up by 5.2 percent as revenues expanded.

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In a stock exchange filing on Thursday, the Ayala-led bank said its top line in the January to September period rose by 13.2 percent to P142.3 billion. This cushioned the impact of higher expenses and provisions.

Net interest income jumped by 16.2 percent to P109.1 billion.

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The bank’s nonperforming loans ratio remained flat at 2.3 percent.

At the same time, the bank’s loan expansion resulted in provisions surging by 145.83 percent to P11.8 billion.

As of end-September, the value of the bank’s assets was pegged at P3.5 trillion, up 9.3 percent. /rwd