BPI profit hits record at P62B, up 20%

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Bank of the Philippine Islands (BPI) said it closed 2024 with a record profit of P62 billion, 20 percent higher from the prior year’s P51.67 billion. 

Revenues hit P170.1 billion, a 23 percent increase from the prior year’s P138.29 billion, attributable to the 22.3 percent increase in net interest income at P127.6 billion from P104.33 billion as its average asset base grew 16.8 percent and net interest margin widened 22 basis points to 4.31 percent. 

“Further boosting revenues was the 25.3 percent increase in non-interest income to P42.6 billion, driven by higher income from the credit card, wealth management and bancassurance businesses, as well as gains from securities trading,” it said. 

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Return on equity was at 15.1 percent while return on assets was at 2.0 percent. 

BPI said it booked full year provisions of P6.6 billion for non performing assets, up 65 percent from last year’s P4 billion. NPL ratio was at 2.13 percent, with the NPL coverage ratio at 106.2 percent. 

For its core business, total loans went up by 18.2 percent to hit P2.3 trillion from the prior year’s P1.94 trillion. BPI said this includes the portfolio acquired from the merger with Robinsons Bank Corporation. 

“Excluding the merger, organic loan growth remained strong at 13 percent, with growth in both our institutional and non-institutional segments,” BPI said. 

The bank meanwhile said institutional loans grew 11.1 percent, while non-institutional loans grew 41.7 percent, driven by strong growth across all portfolios. 

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