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MANILA, Philippines – The Bank of the Philippine Islands (BPI) posted a net income of P8 billion in the first quarter of 2022, 60% higher than the same period in 2021 and higher than pre-pandemic level or 2019’s P6.7 billion.
BPI attributed the jump to higher net interest income, lower loss provisions, as well as normalized tax expenses.
Revenues increased by 4.3% to P25.4 billion, driven mainly by a 12.7% jump in net interest income to P19 billion. Non-interest income dipped 14.5% to P6.4 billion.
BPI recognized provisions of P2.5 billion in the first quarter, a 30.6% reduction from the P3.6 billion booked the same period last year.
Total loans reached P1.5 trillion, a 7.1% increase, while deposits grew 13.1% to P1.9 trillion. – Rappler.com
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