MANILA, Philippines – Ayala-led Bank of the Philippine Islands (BPI) reported a net income of P13.7 billion in the 1st half of 2019, 24.6% higher than the P11.03 billion registered in the same period last year.
In a disclosure to the Philippine Stock Exchange on Thursday, August 1, BPI also reported P7 billion in net income in the 2nd quarter, 46.8% higher year-on-year.
Total revenues for the 1st half reached P45.9 billion, 23.3% higher, driven by net interest income which reached P32.4 billion.
Total loans as of June 30 reached P1.4 trillion, 10.8% higher year-on-year. This was boosted by corporate loans (11.6%) and consumer loans (10.3%).
BPI also reported higher credit card loans, which rose by 25.8% in the 1st half. Total deposits reached P1.7 trillion, 8% higher than the same period last year.
Meanwhile, the bank's non-interest income reached P13.5 billion, 21.5% higher than last year due to increases in securities trading gains and fee-based income.
The bank's operating expenses rose by 14.4% to P24.3 billion due to spending on technology, new microfinance branches, and one-time manpower expenses related to a collective bargaining agreement.
BPI, the Philippines' oldest bank, is among the many banks that have been heavily investing in digital transformation.
"While we are 168 years old, we have to earn our future every single day, and that means that we must do all we can to help secure the financial futures of our own customers," said BPI president and chief executive officer Cezar Consing.
BPI's total assets stood at P2.13 trillion, 12.3% higher, while total equity reached P259.9 billion.