BPI H1 income grows 27% to P12-B

MANILA, Philippines — Ayala-owned Bank of the Philippine Islands (BPI) reported Wednesday, July 31 its net income in the first half grew 27% to P12 billion from P9.4 billion in the same period of 2012

In a disclosure to the Philippine Stock Exchange, BPI attributed the growth to the 14% increase in its revenues and relatively modest 6% hike in its operating expenses.

“The growth in our loan book is well balanced and funded by a deposit base that is low cost and growing,” said BPI president and CEO Cezar Consing.

Below are details of BPI’s first-half financial performance:

• Net interest income or income from loans – up 6%
• Non-interest income or income from securities trading, foreign exchange, fees and commissions – up 23%
• Return on equity – up 23.7%
• Total assets – up 13%
• Capital adequacy ratio – 14.3% or above the minimum industry requirement of 10%

BPI is the most valuable bank in the country with a market capitalization of P341 billion as of June 30. – Rappler.com