BPI nets P6.2B in 1H, up 12 percent

MANILA, Philippines—Ayala-led Bank of the Philippine Islands grew its first semester net profit by 12 percent to P6.2 billion from a year ago driven by a double-digit rise in net interest earnings.

For the second quarter alone, net profits grew by 18 percent to P3.3 billion. Revenues expanded by 15 percent with increases generated by both net interest and non-interest income, the bank disclosed on Monday.

Return on equity stood at 15.3 percent in the first half while return on assets stood at 1.6 percent.

Total revenues for the six-month period were up by 10 percent as net interest income grew by 12 percent, driven by both an increase in average assets and spreads. Other income also increased by 7 percent largely due to service charges, trust fees and rental income.