BPI Reports Record 9M24 Net Income of P48B, Up 24%

BPI Receives 11 Alpha Southeast Asia Awards

BPI was among the big winners at the Alpha Southeast Asia Awards after taking home a record 11 accolades. This reaffirms the bank's expertise and reliability in delivering innovative banking services to Filipinos.

Said BPI President and CEO TG Limcaoco: “These awards demonstrate our commitment to service excellence and customer obsession in all aspects of our operations. At BPI, it has always been our mission to provide customer-focused solutions to enhance the experience of our clients and support their growth."

Bank of the Philippine Islands ended the first nine months of the year with a record net income of P48.0 billion, up 24.3 percent, driven by robust revenue growth and sustained positive operating leverage. Return on equity was 15.9 percent and return on assets was 2.1 percent. Earnings per share stood at P9.10, up 16.5 percent from last year’s P7.81, notwithstanding the additional shares issued for the BPI and RBC merger.

Total revenues of P125.8 billion increased 24.7 percent from previous year, bolstered by the strong performance of net interest income which grew 22.2 percent to P93.8 billion. Average loans expanded 18.9 percent and net interest margin widened 22 basis points to 4.29 percent. Non-interest income rose 32.4 percent to P31.9 billion from securities trading gains of P3.0 billion while fee income also increased 28 percent year on year to P26.4 billion, attributable to higher service charges, credit card fees, and bancassurance income.

Operating expenses reached P59.4 billion, up 22.1 percent, on higher costs for manpower, transaction processing, and technology, leading to a cost-to-income ratio of 47.2 percent.

The bank recorded provisions of P4.8 billion, a 60 percent hike from last year. On a sequential quarter-on-quarter basis, the nonperforming loans (NPL) ratio increased by only 10 bps to 2.30 percent, with sufficient NPL coverage at 111.17 percent.

For the third quarter of the year, BPI posted its highest quarterly income to date of P17.4 billion, up 29.4 percent year on year, on the back of higher revenue growth of 26.3 percent to P44.6 billion.

Read the full disclosure and press statement on PSE Edge.