BPI nine month profit up 24% to $212.62mln

Improving economy and a low interest environment spurred the lender's loan growth and noninterest income.

Ayala-led bank of the Philippine Islands grew its nine-month net profit by 24 percent to P9.1 billion ($212.62 million) on higher interest income and better fee-based and treasury earnings.

BPI, the country’s third-biggest bank in assets but the most profitable and most valuable in terms of market capitalization, is on track with its net profit forecast of P9.6 billion ($224.3 million) for the full year, up 13 percent from a year ago. It is also moving closer to the all-time net profit level of P10 billion ($233.64 million) posted in 2007.

Net income for the third quarter alone surged 75 percent to P3.5 billion ($81.77 million) from a year ago, likewise better by 25 percent compared to the previous quarter, the bank reported. The robust July-September performance was buoyed a double-digit rise in both interest and noninterest income.

In a statement, BPI president Aurelio R. Montinola III said the bank was “extremely pleased” with its performance for the last three quarters. “Aided by a favorable economic climate and a low interest environment, our hard work in promoting loan growth and noninterest income opportunities has validated our quality-plus-growth business model.”

View the full story in the Philippine Daily Inquirer.