Bank of the Philippine Islands, the country’s fourth-largest lender, said Thursday net income rose 24.6 percent in the first half to P13.74 billion from P11.03 billion in the same period last year.
BPI said comprehensive income reached P15.25 billion in the six-month period, up 62.8 percent year-on-year, as revenues grew 23.3 percent to P45.90 billion, driven by a 24.1-percent growth in net interest income to P32.36 billion.
The bank said net income in the second quarter jumped 46 percent to P7.01 billion from a year ago, driven by higher interest income.
Net interest margin widened by 38 basis points in the first half on higher asset yields which rose 103 basis points, partially offset by higher cost of funds.
Total loans as of end-June reached P1.35 trillion, up 10.8 percent year-on-year, boosted by corporate loans which increased 11.6 percent and consumer loans which grew 10.3 percent.
BPI’s credit card loans continued to accelerate, rising by 25.8 percent in the first half.
Total deposits grew 8 percent year-on-year to P1.66 trillion as of end-June. The bank’s Casa (current and savings account) deposit ratio stood at 68.3 percent while the loan-to-deposit ratio was at 81.7 percent.
Non-interest income improved 21.5 percent in the first six months to P13.54 billion, led by increases in securities trading gains and fee-based income. The bank’s securities position went up 33.4 percent to P404.22 billion from a year ago.
Fees, commissions and other income increased 16.1 percent across a broad range of businesses including credit cards, deposit products, insurance, transaction banking, leasing, retail loans, and electronic channels.
Total assets hit P2.13 trillion as of end-June, higher by 12.3 percent than a year ago, with return on assets reaching 1.34 percent.
Total equity reached P259.88 billion, providing a strong capital position to deliver future growth, with an indicative common equity tier 1 ratio of 15.55 percent and capital adequacy ratio of 16.44 percent.