Money

BPI Q3 profit dips 33.7% as provisions quadruple

Bank of the Philippine Islands saw its net income fall by a third in July to September to P5.5 billion as it booked more loan loss provisions due to the economic impact caused by the coronavirus crisis.

In the nine months to September, BPI set aside a total of P21.06 billion for estimated losses associated with the ongoing pandemic, 4.6 times more than the P4.58 billion earmarked in the same period last year.

This brought the Ayala-led bank’s nine-month earnings tot P17.17 billion, down 22.1%. Revenues went up 9.7% to P77.88 billion while net interest income rose 11.8% toP54.4 billion amid a 5.7% rise in average asset base.

Non-interest income increased by 5.1% to P23.48 billion, largely coming from robust securities trading gains.

Total loans inched up to P1.38 trillion, with growth led by the mortgage and corporate loan segments at 8.7% and 2.6%, respectively.

Meanwhile, total deposits increased by 4% to P1.68 trillion, boosted by CASA deposits which grew by 14.7%.

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