MANILA, Philippines – The Bank of the Philippine Islands (BPI) posted net income growth of 29.5% to P22 billion in the 1st 9 months of the year, the company said in a disclosure to the Philippine Stock Exchange on Wednesday, October 16.

Its net income for the 3rd quarter soared by 38.6% to P8.3 billion.

In 2019, the company is likely to surpass last year’s earnings. The net income during the 9-month period is just P1 billion less than the P23.1 billion it earned during the entire 2018.

The Ayala-led company’s revenues from January to September stood at P71 billion, 24.8% higher than in the same period last year. 

Total loans reached P1.37 trillion, representing 8.2% growth year-on-year, as consumer and corporate loans grew 12.5% and 7.4%, respectively.

Consumers also used their credit cards more, as loan growth from this product rose by 24.6%.

Total deposits reached P1.62 trillion, 5% higher than last year.

Operating expenses for the period reached P37.1 billion, 15% higher compared to the same period last year. – Rappler.com