BPI’s net income increases by 20% YoY to $1.06b

Revenue stood at $2.9b (PHP170.1b), up by 23%.

Bank of the Philippine Islands (BPI) recorded a net income of $1.06b (PHP62b), up by 20% year-on-year (YoY).

According to the bourse filing, the increase was driven by revenues, which were partly offset by higher operating expenses and provisions.

For the fourth quarter of the year, the bank recorded a net income of $241.2m (PHP14.1b), up by 8% YoY on higher revenue growth.

Total loans stood at $39.3b (PHP2.3t), an 18.2% increase over the previous year, inclusive of the portfolio acquired from the merger with Robinsons Bank Corporation.

Meanwhile, total deposits stood at $44.5b (PHP2.6t), up by 13.9% YoY, due to growth in time deposits.

The bank generated revenue of $2.9b (PHP170.1b), up by 23% from the previous year, attributable to the 22.3% increase in net interest income to $2.2b (PHP127.6b).

Further boosting revenues was the 25.3% increase in non-interest income to $728.8m (PHP42.6b), driven by higher income from the credit card, wealth management, and bancassurance businesses, as well as gains from securities trading.

($1 = PHP58.46)