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Nov 9, 2017 @ 18:31

BPI nets P17.05B as of end-Sept.

 

The lack of trading gains pushed their bottom line slightly lower.

The Bank of the Philippine Islands (BPI) reported a P17.05 billion net income as of end-September, down by a narrow 1.9% from a year ago despite a surge in loans.

In a disclosure, the bank owned by the bilyonaryo Ayala clan said the absence of one-off gains posted in June last year led to the slight drop in net profit, although total revenues picked up by 5.2% to hit P53.04 billion.

Loans grew by 20.5% to hit P1.12 trillion, marked by a 24.3% increase in corporate borrowings.

For the third quarter alone, BPI raked in P5.36 billion, jumping 14% from P4.71 billion in July-September 2016.

“Our results show a good balance of growth and profitability. Earnings from lending operations and fee-based businesses are good, and the investments we have been making in technology and digitization should allow for even stronger operating and financial results going forward,” BPI President and Chief Executive Officer Cezar Consing said in the statement.

BPI has done well despite the two-day glitch it encountered in June, where incorrect account balances were displayed on what they claimed to be an internal error.

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