A record high third-quarter performance boosted the Bank of the Philippine Island’s (BPI) net income in the January to September period this year. In a disclosure to the Philippine Stock Exchange, BPI said its 9-month net income grew 24.3 percent to P48 billion.
A record high third-quarter performance boosted the Bank of the Philippine Island’s net income in the January to September period this year.
In the third quarter alone, BPI recorded a net income of P17.4 billion, the highest quarterly income posted by the bank to date. This also marked a 29.4 percent growth from the same period last year. In the 9-month period, BPI’s total revenue reached P125.8 billion representing a 24.7 percent increase on the back of the strong performance of its net interest income , which grew 22.2 percent to P93.8 billion.
The bank recorded provisions of P4.8 billion, a 60-percent hike from last year. On a sequential quarter-on-quarter basis, the NPL ratio increased only 10 basis points to 2.3 percent, with sufficient NPL coverage at 111.17 percent.
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