BPI Posts 1H24 Net Income of P30.6 Billion, Up 22%

BPI Holds 3rd Sustainability Awareness Month

For the third year, BPI hosted its Sustainability Awareness Month featuring environmental, social, and governance or ESG-related activities. This year’s theme, “Beyond Green”, represents BPI’s commitment to advancing beyond traditional green initiatives like energy efficiency and renewables. Activities included launching LavLoans, a specialized financing solution to ease the financial challenges associated with cancer treatment; the #BestLifeRun Corporate Race; a tree-growing and nurturing activity; a technical training session; Sustainability Summit; and Sustainability Innovations Awards.

Bank of the Philippine Islands ended the first semester with record net income of P30.6 billion, up 21.5 percent, driven by robust revenues and sustained positive operating leverage. Return on equity was 15.5 percent and return on assets was 2.0 percent. Earnings per share for the first semester stood at P5.80, up 14.0 percent from last year’s P5.09, notwithstanding the additional shares issued for the BPI and RBC merger.

Total revenues increased by 23.8 percent to P81.2 billion year on year, boosted by the 22.2 percent growth in net interest income to P61.3 billion. Average loans grew by 18.4 percent and net interest margin widened 23 basis points to 4.26 percent. Non-interest income was up 28.7 percent to P19.9 billion, driven by the 28.8 percent increase in fee income to P17.0 billion and foreign exchange gains of P2.2 billion, up 58.6 percent year on year. Strong fee income performance was led by higher service charges, bancassurance income, and credit card fees.

Operating expenses reached P38.3 billion, up 21.9 percent, on more spending for manpower, transaction processing costs, and technology, resulting in a cost-to-income ratio of 47.1 percent.

For the second quarter of the year, the bank booked net income of P15.3 billion, up 17.5 percent year on year, on the back of higher revenue growth of 23.0 percent to P41.7 billion.

BPI announced the issuance of 1.5-Year P5 Billion Fixed-Rate ASEAN Sustainable Bonds, with an option to upsize. The offer period is from July 18 to August 2. The Sustainable Bonds will be listed with the Philippine Dealing and Exchange Corporation.

Read the full disclosure and press statement on PSE Edge.