BPI Posts Record-High 2023 Net Income of P51.7B, Up 31%

Consing, Limcaoco Named Among Top 20 PHL CEOs

The One MEGA Group's online business and lifestyle publication, The Business Manual, recognized Ayala President and CEO Bong Consing and BPI President and CEO TG Limcaoco among the country's top 20 business leaders in its inaugural CEO Awards held on January 28. Consing's pioneering leadership was noted; a former president of BPI, he is the first Ayala chief executive who is not from the conglomerate's founding family. Limcaoco was cited for his focus on digital transformation and corporate social responsibility as well as his influence on business and industry as head of the 172-year-old bank.

Bank of the Philippine Islands delivered its highest full-year net income of P51.7 billion, up 30.5 percent from the previous year’s P39.6 billion, driven by record revenues and lower provisions which offset the increase in operating expenses. Excluding the impact of the one off gain from the 2022 property sale, net income would be up 44.1 percent. Fourth-quarter net income was P13.1 billion, up 44.3 percent year on year, also on higher revenue growth and lower provisions recognized.

The bank’s solid financial performance reflects its strengthened customer franchise and deeper customer engagement which led to record volumes and market share gains in several businesses. For full-year 2023, return on equity was 15.35 percent and return on assets was 1.93 percent.

Total revenues rose by 16.7 percent to P138.3 billion year on year, attributable to the 22.7 percent increase in net interest income to P104.4 billion, as average asset base expanded 7.7 percent and net interest margin increased by 50 basis points to 4.09 percent. Non-interest income grew 1.5 percent to P34.0 billion.

Operating expenses increased 19.2 percent to P69.1 billion, led by higher manpower, technology, and marketing costs, resulting in a cost-to-income ratio of 50.0 percent.

On January 1, the merger of BPI and Robinsons Bank Corporation, officially took effect, with BPI as the surviving entity. This merger will expand reach and enrich the overall banking experience of its customers by unlocking synergies within the BPI Group and Gokongwei ecosystems.