BPI's Q3 earnings expand on better revenues, bigger customer base
MANILA, Philippines — Bank of the Philippine Islands reported its net income in the third quarter rose as revenues soared and its customer base expanded.
In a disclosure sent to the Philippine Stock Exchange on Thursday, the Ayala-led bank said their net income from July to September leapfrogged 26.8% year-on-year to P10.1 billion. The double-digit expansion came as revenues in the same period grew to P29.8 billion, with their customer base hitting 9 million.
The bank’s net income in the first nine months of 2022 amounted to P30.5 billion due in part to lower provisions.
As it is, BPI cut their provisions by 26.8% to P7.5 billion accounting for declining bad loans, which skyrocketed at the onset of the pandemic.
The bank was rocked by numerous developments this year. There was a change in leadership as Fernando Zobel de Ayala took a medical leave and BPI announced a merger with Gokongwei-led Robinsons Bank Corp in the past month.
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The bank’s revenues year-to-date zoomed in 22.1% year-on-year to P87.5 billion, on the back of a P61.6 billion net interest income that expanded due to continued loan growth.
Non-interest income rose 26.2% to P25.8 billion due to gains in forex transactions and credit card fees in the first nine months.
So far, BPI’s total expenses inched up 9.9.% to P40.1 billion owing to higher regulatory, technology and transaction-related costs.
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