BPI earns P8.4-B in Q1, up 43%
MANILA, Philippines - Ayala-led Bank of the Philippine Islands (BPI) registered a 43% net income increase to P8.4 billion from P5.8 billion in the first quarter of 2013.
The company attributed the increase to a 21% jump in total revenues, largely attributed to securities trading gains amid favorable market conditions.
The bank's total resources rose by 16% to P940 billion from P748 billion during the 1st quarter of the year. It also posted a 6% increase in assets under management toP758 billion.
During the period, BPI's net loans jumped 19% to P514 billion. The bank's corporate lending rose 25%. Its middle market lending grew by 17% while its SME segment jumped 14%.
BPI also posted a 15% jump in consumer loans. Its operating costs, on the other hand, rose by 7% to P6.6 billion due to higher regulatory, technology, manpower, and variable costs.
“With a strong Team BPI, we are confident that BPI will continue to move forward with quality sustainable growth. I firmly believe that my successor, a competent and experienced professional with many years in the international banking arena, will further take the Bank to a new level and position BPI as one of the best Asean banks in the near future," said BPI outgoing President and CEO Aurelio R. Montinola III.
During a recent stockholders meeting, the company named investment banker Cezar Consing as its new head. - Rappler.com