Bank of the Philippine Islands, the country third largest lender by assets, said Thursday net profit in the first half rose 23 percent year-on-year to P25.1 billion on account of asset base expansion, wider margin, and lower provisions.
BPI said total revenues for the first semester increased nearly 14 percent to P65.6 billion due to double-digit growth in net interest income and a 9.2 percent growth in the bank’s asset base.
Net interest income in the first half surged 27 percent to P50.1 billion.
Revenue growth was tempered by a 15 percent decline in non-interest income to P15.5 billion due to the property sale gain recognized in the prior year.
Operating expenses for the first six months of the year jumped 21 percent to P31.4 billion, primarily from the growth in spending for structural and one-time salary increases, continued investments in digitalization programs, and various marketing campaigns, rewards, and other selling expenses.
BPI said that for the second quarter alone, it booked a net income of P13.0 billion, up 4.5 percent year-on-year. Total revenues reached P33.9 billion for the quarter, up 4.9 percent, owing to the decline in non-interest income offsetting the increase in net interest income.
