THE Bank of the Philippine Islands (BPI) reported net income of P9.3 billion in the first six months or half, 16 percent higher than the P8 billion generated in the same period last year, and a demonstration of its continued growth even as it builds a deeper relationship with its clients.
“We remain focused on providing our shareholders with superior risk-adjusted returns through the cycle,” BPI President and CEO Cezar P. Consing, said.
“At the same time, we continue to build the bank around our clients. This is a journey, and we believe we do well when our clients do well,” he added.
Total loans grew 9 percent year-on-year (YoY), while deposits rose 12 percent to P1.2 trillion, a record level for the bank.
Its gross loan portfolio reached P626 billion as of end-June, higher by 3 percent from P607.444 billion in the previous quarter.
The bank realized an annualized return on equity and return on asset of 13.0 percent and 1.4 percent, respectively.
Comprehensive income, which includes marked-to-market adjustments on available-for-sale securities, reached P9.1 billion, a 34-percent increase YoY.
Total revenues stood at P29 billion, with net-interest income up 12 percent YoY to P19 billion, due to a 15-percent expansion in average assets, while noninterest income was P10 billion, 11.5-percent better than the same period last year due to higher income from securities trading, fees and commissions and the insurance business.
Operating expense was moderate, increasing by only 7.6 percent YoY. The bank registered a cost-to-income ratio of 51.9 percent.
The bank’s total assets stood at P1.4 trillion, a 9.7 percent increase YoY.
Asset quality remains strong, with a gross 90-day nonperforming loan ratio of 1.77 percent, down from last year’s 1.85 percent. Loan-loss cover was maintained at 108 percent.
The bank’s capital was at P149.7 billion.
Consolidated common equity tier 1 ratio was 14.3 percent, while total capital adequacy ratio was 15.2 percent.