BPI nets P10.1 billion in third quarter

Ayala-led Bank of the Philippine Islands (BPI) booked a P10.1-billion net income in the third quarter of the year, driven mainly by the higher revenues generated.

In a disclosure to the local bourse, BPI said its third-quarter revenue stood at P29.8 billion on the back of higher net interest income and non-interest income, and its customer base hitting over 9 million.

The year-to-date net income climbed to P30.5 billion, also on the back of higher revenues which climbed 22.1% to P87.5 billion as net interest income grew to P61.6 billion.

Non-interest income for the period increased by 26.2% to P25.8 billion, driven by the one-off gain in asset sale, gains in foreign exchange transactions, and fees from its credit card business.

Provisions for the period fell by 26.8% to P7.5 billion, with the NPL ratio improving to 1.94% and the NPL coverage ratio to 176.9%. Taxes paid and accrued increased to P17.2 billion.

BPI last month announced the planned merger with Gokongwei-led Robinsons Bank, with BPI as the surviving entity once the transaction is completed before the end of 2023.

Data from the BSP show that BPI was the third-biggest bank in the Philippines as of June 2022, with P2.451-trillion worth of assets.

BPI counts as subsidiaries BPI Family Savings Bank Inc., BPI Capital Corp., BPI Direct BanKo Inc., BPI International Finance Limited, BPI Remittance Centre Hong Kong Ltd., BPI (Europe) Plc., BPI/MS Insurance Corp., BPO Asset Management and Trust Corp., and BPI Investment Management Inc.

The bank ended 2021 with 869 branches, including five express banking centers in the Philippines. It had one branch in Hong Kong and two branches in London, and 1,117 automated teller machines and 340 cash accept machines. — Jon Viktor D. Cabuenas/RSJ, GMA News