BPI’s 2Q net profit up 21%

PHOTO courtesy of BPI

MANILA—Bank of the Philippine Islands posted a 21-percent year-on-year growth in second-quarter net profit to P4.43 billion as strong core earnings made up for the industry-wide slack in trading gains.

This brought the bank’s six-month net profit to P8.03 billion, about a third lower than the previous year’s level when extraordinary trading gains boosted earnings. This represented about 40-percent of the bank’s full-year net profit forecast of P20.21 billion.

In a press briefing on Friday, BPI president Cezar Consing said although there were many “moving parts” to the full-year forecast, the bank would stick to this target on expectation of a further improvement in core earnings in the second half of the year.

“We expect core income to improve quarter to quarter. That’s the expectation and the hope. We expect the third quarter to be stronger still and that’s what is expected because of the asset base,” Consing said. “At this point in time, we’re not making any changes to our earnings guidance.”

The P20.21 billion full-year profit goal, if achieved, will mark a record high for BPI. It would be a 7.5 percent greater than the P18.8 billion net income posted last year.