Bank of the Philippine Islands (BPI), the financial arm of Ayala Corp., said Thursday it booked a record net income of P48 billion in the first nine months of 2024, marking a 24.3-percent increase from last year.
BPI said in a stock exchange filing significant revenue growth and improved operating efficiency drove its nine-month performance.
The bank reported a return on equity of 15.9 percent and a return on assets of 2.1 percent. Earnings per share reached P9.10, up 16.5 percent from last year’s P7.81, despite the additional shares issued during the BPI and Robinsons Bank merger.
Total revenues reached P125.8 billion from January to September, up by 24.7 percent year-on-year, supported by a 22.2-percent rise in net interest income to P93.8 billion.
Average loans expanded 18.9 percent, and the net interest margin increased 22 basis points to 4.29 percent. Non-interest income also rose 32.4 percent to P31.9 billion, led by securities trading gains of P3 billion and a 28-percent rise in fee income to P26.4 billion on higher service charges, credit card fees and bancassurance income.
Operating expenses amounted to P59.4 billion, up 22.1 percent, on higher costs for manpower, transaction processing and technology.
Provisions for loan losses increased 60 percent to P4.8 billion. The non-performing loan (NPL) ratio rose slightly to 2.3 percent, with an adequate NPL coverage of 111.17 percent.
Third-quarter income also reached a high of P17.4 billion, a 29.4 percent increase year-on-year as revenue for grew 26.3 percent to P44.6 billion.
Gross loans reached P2.1 trillion, up 18.9 percent year-on-year, with notable growth in all portfolios, including personal loans, which surged 103.3 percent.
Total deposits reached P2.5 trillion, a 14.5-percent increase from a year ago, with a CASA ratio of 63 percent and a loan-to-deposit ratio of 85.9 percent.
S&P Global Ratings, in September, reaffirmed BPI’s BBB+ rating with a stable outlook, matching the Philippine sovereign credit rating.
