BPI net income surges 39% to P8.3B in Q3

Current and savings account deposit ratio stood at 69.1 percent while loan-to-deposit ratio stood at 84.7 percent.

Ayala-led Bank of the Philippine Islands (BPI) booked 38.6 percent higher net income in the third quarter this year, to P8.29 billion from P5.98 billion in the same period last year on the back of strong growth in net interest income.

This brings the listed lender’s nine-month net income to P22.03 billion, 29.5 percent higher than income of only P17.01 billion in the same period last year. Comprehensive income from January to September also rose 51.1 percent to P23.12 billion, BPI told the stock exchange on Wednesday.

Its revenues rose 24.8 percent in nine months to P71 billion due to a 19.8 percent annual growth in net interest income, to P48.66 billion. Net interest margin also expanded 26 basis points owing to higher asset yields, partially offset by higher cost of funds, BPI said.

Loans under BPI as of end-September increased 8.2 percent to P22.34 billion, boosted by a 12.5 percent and 7.4 percent growth in consumer and corporate loans, respectively. Credit card loan growth climbed 24.6 percent, while total deposits to BPI amounted to P1.62 trillion, up five percent year on year.

Current and savings account deposit ratio stood at 69.1 percent while loan-to-deposit ratio stood at 84.7 percent.

On the other hand, BPI’s non-interest income also posted a 37.5-percent gain, to P22.34 billion, owing to higher securities trading gains and fee-based income.

Its total securities rose 17.3 percent annually to P392.99 billion, while fees, commissions and other income rose 19.1 percent due to higher fee revenues from credit cards, transaction banking, electronic channels, deposit products and insurance.