The Bank of the Philippine Islands, the country’s fourth largest lender by assets, said Friday it recorded in 2023 its highest full-year net income of P51.7 billion, up 31 percent from the previous year, driven by record revenue and lower provisions that offset the increase in operating expenses.
BPI said that if the impact of the one-off gain from the 2022 property sale is excluded, net income would be up 44 percent.
In the fourth-quarter alone, the lender substantially owned the Ayala Group, posted a net income of P13.1 billion, up 44 percent year-on-year, helped by higher revenue and lower provisions.
BPI said its financial performance last year is a reflection of record volume and gain in market share due to stronger customer franchise and deeper customer engagement.
Return on equity last year was 15.35 percent while return on assets was 1.93 percent. Total revenue rose 17 percent to P138.3 billion on account of a 23 percent increase in net interest income to P104.4 billion. Non-interest income grew 1.5 percent to P34.0 billion on record trading income gains rising 37 percent to P5.2 billion.
BPI said it booked provisions of P4.0 billion, down 56 percent, while asset quality remained strong with non-performing loan ratio at 1.84 percent. Total loans stood at P1.9 trillion, up nearly 11 percent.
BPI’s merger with Robinsons Bank Corp. officially took effect at the start of this year, with BPI as the surviving entity.
