The Bank of the Philippine Islands (BPI) is the Philippines’ ‘Best Domestic Bank’ and the ‘Best Bank for CSR’, according to Asiamoney in the prestigious regional financial publication’s Best Bank Awards 2022.
“Even when the economy was hit by the pandemic and the impact of higher inflation in 2021, the team run by president and chief executive Jose Teodoro Limcaoco managed to increase BPI’s market share in banking system deposits, loans and assets under management,” Asiamoney said.
“BPI’s cross-border remittances business is hard for peers to match, as is the bank’s footprint across bancassurance, asset finance and leasing,” it added.
As Best Domestic Bank, BPI’s key milestones center on its thrust to reinvent the Bank and banking by means of digitalization and a culture change.
“We are deliberately shifting towards digital in all aspects of our operations and we continue to transform our culture – embedding sustainability and customer obsession in our DNA, to better serve and help our clients create a better tomorrow,” said BPI President and CEO Jose Teodoro K. Limcaoco.
In 2021, BPI posted solid financial results. The Bank recorded a net income of Php 23.88 billion, up 11.5 percent on lower provisions, record fee income, and controlled expenses. BPI also saw its Return on Equity (ROE) rise to 8.40 percent from 7.70 percent in the previous year. In the first half of 2022, BPI delivered strong results, posting a net income of P20.4 billion up 73.0 percent year-on-year on higher revenues and lower provisions.
As the Best Bank for CSR, a back-to-back win, BPI demonstrates its commitment to responsible banking, financial inclusion, and sustainability through its operations and its social development arm – BPI Foundation.
“BPI is expanding its industry-leading financial education initiatives, dubbed FinEd Unboxed which aims to support the needs and aspirations of educators,” Asiamoney noted. The rationale is that empowering the teaching and non-teaching personnel of the Department of Education, and nurturing the roles in society, pays broader economic dividends.
Asiamoney also highlighted the foundation’s current approach of thinking outside of the box to help underserved communities.
