Defining the News
Bank of the Philippine Islands said Thursday net income in the first three quarters jumped 26.4 percent year-on-year to a record P38.6 billion, driven by sustained loan and margin growth and tempered provisions.BPI said third-quarter income climbed 33 percent to P13.5 billion, its highest quarterly net income achieved in the past decade. It was driven by the 18.3-percent jump in revenues to P35.3 billion, on the back of higher net interest income and non-interest income.
This was partly offset by the 6.6-percent decline in non-interest income to P24.1 billion due to the property sale gain recognized in the prior year. Operating expenses for the nine-month period grew 21.3 percent to P48.6 billion, due to larger spending for manpower, technology and marketing, resulting in a cost-to-income ratio of 48.2 percent.
BPI booked provisions of P3.0 billion, 60 percent lower than the P7.5 billion recognized over the same period last year.Total loans of P1.7 trillion was 8.8 percent higher year-on-year, driven by the loan growth in the corporate, credit card and auto portfolios of 5.3 percent, 37.7 percent and 22.3 percent, respectively.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ghana floods displace thousands of peopleDefining the News
Read more »
Health benefits of dragon fruitDefining the News
Read more »
French school killer claimed attack for Islamic State group: prosecutorDefining the News
Read more »
Gaza hospitals at ‘breaking point’ as desperate residents seek shelterDefining the News
Read more »
The ABET advantage: Why it matters to aspiring and established professionalsDefining the News
Read more »
Metrobank Wins Silver Stevie at the 20th Annual International Business AwardsDefining the News
Read more »