Bank of the Philippine Islands (BPI) said Thursday it booked a record net income of P30.6 billion in the first half of 2024, up by 21.5 percent from a year ago level on the back of robust revenue and loan growth.
Total revenues grew 23.8 percent year-on-year to P81.2 billion, boosted by the 22.2-percent increase in net interest income to P61.3 billion, the bank said in a stock exchange disclosure.
Average loans expanded 18.4 percent, while net interest margin widened 23 basis points to 4.26 percent.
Non-interest income went up 28.7 percent to P19.9 billion, driven by the 28.8-percent increase in fee income to P17 billion. Foreign exchange gains climbed 58.6 percent to P2.2 billion.
The strong fee income performance was led by higher service charges, bancassurance income and credit card fees.
BPI said its first-half performance resulted in a return on equity of 15.5 percent and return on assets of 2 percent.
Operating expenses reached P38.3 billion, up 21.9 percent from a year ago, on more spending for manpower, transaction processing costs and technology, resulting in a cost-to-income ratio of 47.1 percent
The bank logged provisions of P3 billion, up 50 percent from last year as non-performing loan ratio increased to 2.2 percent.
BPI said net profit in the second quarter reached P15.3 billion, up 17.5 percent year-on-year as revenues expanded by 23 percent to P41.7 billion.
Total assets grew to P3.1 trillion as of end-June, up 15.8 percent year-on-year. Total equity stood at P406.5 billion, with an indicative common equity tier 1 ratio of 14.2 percent and a capital adequacy ratio of 15 percent, both above regulatory requirements.
BPI also disclosed plans to issue P5 billion worth of fixed-rate bonds with an option to upsize depending on demand.
The bonds, which will be issued from its P 100-billion bond program, will have a tenor of 1.5 years. The offer period will start July 18, 2024 and end Aug. 2, 2024. The bonds will be listed with the Philippine Dealing and Exchange Corp.
Last month, the bank distributed cash dividends of P1.98 per share, up 17.9 percent from last year.
By Jenniffer B. Austria
BANK of the Philippine Islands (BPI) said Thursday it booked a record net income of P30.6 billion in the first half of 2024, up by 21.5 percent from a year ago level on the back of robust revenue and loan growth.
Total revenues grew 23.8 percent year-on-year to P81.2 billion, boosted by the 22.2-percent increase in net interest income to P61.3 billion, the bank said in a stock exchange disclosure.
Average loans expanded 18.4 percent, while net interest margin widened 23 basis points to 4.26 percent.
Non-interest income went up 28.7 percent to P19.9 billion, driven by the 28.8-percent increase in fee income to P17 billion. Foreign exchange gains climbed 58.6 percent to P2.2 billion.
The strong fee income performance was led by higher service charges, bancassurance income and credit card fees.
BPI said its first-half performance resulted in a return on equity of 15.5 percent and return on assets of 2 percent.
Operating expenses reached P38.3 billion, up 21.9 percent from a year ago, on more spending for manpower, transaction processing costs and technology, resulting in a cost-to-income ratio of 47.1 percent
The bank logged provisions of P3 billion, up 50 percent from last year as non-performing loan ratio increased to 2.2 percent.
BPI said net profit in the second quarter reached P15.3 billion, up 17.5 percent year-on-year as revenues expanded by 23 percent to P41.7 billion.
Total assets grew to P3.1 trillion as of end-June, up 15.8 percent year-on-year. Total equity stood at P406.5 billion, with an indicative common equity tier 1 ratio of 14.2 percent and a capital adequacy ratio of 15 percent, both above regulatory requirements.
BPI also disclosed plans to issue P5 billion worth of fixed-rate bonds with an option to upsize depending on demand.
The bonds, which will be issued from its P 100-billion bond program, will have a tenor of 1.5 years. The offer period will start July 18, 2024 and end Aug. 2, 2024. The bonds will be listed with the Philippine Dealing and Exchange Corp.
Last month, the bank distributed cash dividends of P1.98 per share, up 17.9 percent from last year.
