Money

BPI third quarter profit surges to P8.29B

Bank of the Philippine Islands grew its third quarter earnings by 38.6 percent to P8.29 billion on strong results from core lending business, non-interest income and securities trading.

Bank of the Philippine Islands grew its third quarter earnings by 38.6 percent to P8.29 billion on strong results from core lending business, non-interest income and securities trading.

This brings BPI’s nine-month net income to P22.03 billion, 29.5 percent year on year as revenues revenues rose 24.8 percent to P71 billion.

The growth in revenue was driven by a 19.8 percent jump in net interest Income to P48.66 billion.

Total loans went up 8.2 percent to P1.37 trillion as of the end of September on the back of consumer and corporate loan growth of 12.5 percent and 7.4 percent, respectively.

Within the consumer segment, credit card loan growth continued its upward trajectory, rising 24.6 percent year-on-year.

Total deposits likewise expanded by five percent to P1.62 trillion.

Non-Interest Income soared 37.5 percent to P22.34 billion, buoyed by higher securities trading gains and fee-based income.

BPI ended the third quarter with total assets of P2.13 trillion, up 8.4 percent year on year.

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