BPI’s revenue up by 14% YoY to $1.6b in H1

It was driven by the 16.2% increase in net interest income.

The Bank of the Philippine Islands (BPI) registered a revenue increase of 14% year-on-year to PHP92.6b ($1.6b) during the first half of the year.

Net income for the period stood at PHP33b ($577m), a 7.8% YoY improvement, partially tempered by the increases in operating expenses and provisions.

The company said this was driven by the 16.2% increase in net interest income to PHP71.2b ($1.2b).

Operating expenses reached PHP42.7b ($747m), up 11.7% YoY, due to spending on technology, business volume-related expenses, and manpower structural increases.

Nonperforming loan (NPL) ratio was 2.25%, with the NPL coverage ratio at 97.1%. 

The bank booked provisions of PHP7.3b, a 141.7% hike from last year. 

(PHP1=$0.017)