BPI nets P30.6B in H1 2024, up 21.5%

Ayala-led Bank of the Philippine Islands (BPI) saw double-digit growth in its bottom line in the first half of 2024 on the back of strong revenues.

In a disclosure to the Philippine Stock Exchange on Thursday, BPI reported a net income of P30.6 billion, up 21.5% year-on-year.

The bank booked total revenues of P81.2 billion, up 23.8% year-on-year, boosted by 22.2% growth in net interest income to P61.3 billion.

Non-interest income, meanwhile, jumped by 28.7% to P19.9 billion on the back of a 28.8% increase in fee income to P17.0 billion and foreign exchange gains of P2.2 billion, up 58.6%.

BPI said strong fee income performance was led by higher service charges, bancassurance income, and credit card fees.

The bank’s total loans stood at P2 trillion, up 18% year-on-year, driven by sustained growth across all portfolios led by personal loans, up 128.7%, business banking, up 87.9%, and microfinance, up 67.2%.

Total deposits amounted to P2.5 trillion, up 14.4% year-on-year.

BPI ended the first half of 2024 with total assets of P3.1 trillion, up 15.8% from a year earlier. —VBL, GMA Integrated News