The Bank of the Philippine Islands (BPI) was recently named the Best Bank in the Philippines and Asia’s Best Bank for Corporate Responsibility in Euromoney’s Awards for Excellence 2023 for its impressive growth in 2022 and financial literacy programs across the country.
“BPI regains the award as the country’s best bank by posting excellent numbers over the past year. BPI’s net income grew by 65.8 percent to a record of P39.6 billion last year. While its rivals saw a decent jump in net income, BPI’s pace of growth was the fastest,” Euromoney said.
The prestigious international publication also noted that BPI’s return on equity grew to 13.14 percent last year from 8.4 percent the year before, while total deposits rose 7.2 percent year-on-year to P2.1 trillion, beating the industry average.
“We are very honored and grateful for these awards because they reaffirm the Bank’s renewed strength and solid performance in delivering best-in-class products and services. They also bolster our commitment to improve the lives of Filipinos through financial literacy programs and inspire us to continue building a better Philippines — one family, one community at a time,” said TG Limcaoco, BPI president and chief executive officer.
Under Limcaoco’s leadership, BPI has demonstrated strong capability to deliver innovative digital solutions. Early last year, the Bank rolled out a subscription-based platform that provides efficient invoicing and collection process to micro, small and medium-sized enterprises. It also introduced VYBE, a new e-wallet and lifestyle app. By December 2022, BPI customers enrolled in its digital platforms rose 18 percent year-on-year to 5.8 million.
Euromoney also cited BPI’s focus on sustainability with the launch last year of green time deposits and energy transition financing facilities.
BPI also won as Asia’s Best Bank for Corporate Responsibility, becoming the first Philippine bank to win the accolade in the Euromoney Awards for Excellence 2023. The award recognized BPI for its initiatives in achieving better financial literacy in the Philippines through its social development arm, BPI Foundation.
