| THE AYALA WAY

Vol 6 No 9

FULL-YEAR EARNINGS

BPI Reports Record Net Income of P62.0B, Up 20%

Bank of the Philippine Islands delivered another year of solid performance with record full-year net income of P62.0 billion, up 20 percent year on year, driven by revenues which was partly offset by higher operating expense and provisions. Return on equity stood at 15.1 percent and return on assets at 2.0 percent. For the fourth quarter of 2024, the bank recorded net income of P14.1 billion, up 8 percent year on year, on higher revenue growth.

The bank generated robust revenue of P170.1 billion, up 23.0 percent from the previous year, attributable to the 22.3 percent increase in net interest income to P127.6 billion, as the average asset base expanded 16.8 percent and net interest margin widened 22 basis points to 4.31 percent. Further boosting revenues was the 25.3 percent increase in non-interest income to P42.6 billion, driven by higher income from the credit card, wealth management, and bancassurance businesses as well as gains from securities trading.

Operating expenses for the year stood at P83.8 billion, up 21.3 percent year on year, on higher manpower, technology, and volume-related expenses. Cost-to-income declined 71 bps to 49.3 percent.

The bank booked full-year provisions of P6.6 billion, up 65.0 percent from last year. NPL ratio was at 2.13 percent, with the NPL coverage ratio at 106.2 percent.

BPI ended 2024 with a total of 22 branches certified as green buildings under the International Finance Corporation - Excellence in Design for Greater Efficiencies (IFC-EDGE). BPI also garnered several prestigious awards in the fourth quarter for customer experience and employer branding and it was recognized for the third consecutive year as one of the Top Sustainability Advocates in Asia at the 2024 ACES Awards.

Read the full disclosure and press statement on PSE Edge.