Bank of the Philippine Islands (BPI) generated net income of P30.5 billion for the first nine months of 2022 on higher revenues and lower provisions.
Total revenues reached P87.5 billion, up 22.1 percent year-on-year, boosted by the 20.5 percent growth in net interest income to P61.6 billion.
This is on the back of continued loan growth and sustained expansion in average net interest margin for the year by 23 bps to 3.53 percent
Non-interest income grew 26.2 percent to P25.8 billion driven by the one off gain in asset sale, gains in foreign exchange transactions and fees from the credit cards business.
Return on equity stood at 13.73 percent and teturn on assets at 1.66 percent.
Excluding the impact of the one-off gain from sale of property in the second quarter and adjustments due to the CREATE Law, net income would have been P26.8 billion for an ROE of 12.05 percent and ROA of 1.46 percent.
Total operating expenses stood at P40.1 billion, up 9.9 percent compared to the previous year, on higher regulatory, technology and transaction-related costs.
