BPI books record net income in first 9 months | ABS-CBN
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BPI books record net income in first 9 months
BPI books record net income in first 9 months
MANILA -- Bank of the Philippine Islands (BPI) said its net income reached a record P48 billion in the first 9 months of 2024.
MANILA -- Bank of the Philippine Islands (BPI) said its net income reached a record P48 billion in the first 9 months of 2024.
The Ayala-led lender said net income soared by 24.3 percent because of robust revenue growth and sustained positive operating leverage.
The Ayala-led lender said net income soared by 24.3 percent because of robust revenue growth and sustained positive operating leverage.
Revenues rose by 24.7 percent to P125.8 billion, as net interest income jumped 22.2 percent to P93.8 billion.
Revenues rose by 24.7 percent to P125.8 billion, as net interest income jumped 22.2 percent to P93.8 billion.
The bank also said operating expenses climbed 22.1 percent to P59.4 billion on the back of higher costs for manpower, transaction
processing, and technology. Average loans also grew by 18.9 percent, the bank said.
The bank also said operating expenses climbed 22.1 percent to P59.4 billion on the back of higher costs for manpower, transaction processing, and technology. Average loans also grew by 18.9 percent, the bank said.
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BPI said that in the third quarter alone, its income hit P17.4 billion, up 29.4 percent from last year because revenue grew by 26.3 percent to P44.6 billion.
BPI said that in the third quarter alone, its income hit P17.4 billion, up 29.4 percent from last year because revenue grew by 26.3 percent to P44.6 billion.
In the third quarter, gross loans increased 18.9 percent to P2.1 trillion, as personal loans doubled and business banking almost reached the same growth. Microfinance also expanded by 65.2 percent.
In the third quarter, gross loans increased 18.9 percent to P2.1 trillion, as personal loans doubled and business banking almost reached the same growth. Microfinance also expanded by 65.2 percent.
Meanwhile, deposits stood at P2.5 trillion, while total assets were at P3.2 trillion.
Meanwhile, deposits stood at P2.5 trillion, while total assets were at P3.2 trillion.
BPI's net income reached P30.6 billion in the first half of 2024.
BPI's net income reached P30.6 billion in the first half of 2024.
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