The Bank of the Philippine Islands (BPI) reported a net income of ₱16.6 billion for the first quarter as strong revenue growth offset increased operating expenses and provisions for credit losses.
The various banks accelerated their lending activity in August, driven by a steady demand for credit from key business sectors. Big banks expanded their loan portfolios by 11 percent year-on-year, picking up speed from the 10.4 percent growth recorded in July.