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MANILA, Philippines – Bank of the Philippine Islands (BPI), a bank led by Ayala, registered a 25.6 percent growth in its net profit during the first nine months of 2016.
The net profit of the bank increased to P17.38 billion from P13.8 billion, which is contributed by its deposit growth, strong loan, and other interest and non-interest returns.
Net interest income of the financial firm climbed to 9.1 percent, which is equivalent to P31.28 billion. On the other hand, its revenue gain was recorded P50.42 billion, which is an increase by 14.3 percent.
The bank registered a P931.12 billion loan book for the same period, which is an increase by 19.4 percent compared to last year.
Non-interest income in nine months climbed by 23.9 percent, totaling to P19.14 billion. These positive results are contributed by higher gains in insurance products cross-selling and transactional segments. Strong trading returns also play a part in the financial improvement.
Operating expenses climbed to P25.58 billion, which is a rise by 11.7 percent compared to last year’s record.
Provisions of the bank also continued to grow and reached P3.95 billion, a 20.1 percent increase from last year.
The financial firm’s 90-day non-performing loans plunged to 1.6 percent, a 0.2 percent drop from a year ago. The reserve coverage stood at 112.3 percent.
Total capital funds of the company increased to P165.56 billion, a climb by 10.1 percent. Meanwhile, its assets reached P1.59 trillion, a surge by 12.8 percent.
BPI President and Chief Executive Officer, Cezar Consing, stated that he was very pleased with the firm’s positive results and performance towards year-end. To build this peak, innovative changes are created by the company for its clients and management.