Bank of the Philippine Islands achieves record net income in 1st quarter of 2024

The Ayala Group’s Bank of the Philippine Islands (BPI) continued its record earnings streak in the first quarter of the year, booking a 26 percent profit increase to P15.3 billion.

Jose Teodoro K. Limcaoco 
BPI CEO 

BPI, the country’s third-biggest lender, ended the period with a robust return on equity of 15.7 percent and return on assets of 2.02 percent. 

Total revenues jumped by 24.6 percent to P39.5 billion, propelled by a 23.5 percent rise in net interest income to P29.8 billion and a 28.1 percent increase in non-interest income to P9.7 billion. 

Asset quality was similarly robust as the bank ended the period with a non-performing loans (NPL) ratio of 2.12 percent and NPL cover of 136.2 percent. 

Overall operating expenses climbed by 19.6 percent to P18 billion due to investments in manpower, technology, and marketing, though the cost-to-income ratio improved to 45.6 percent. 

The quarter ended with total assets up by 14.7 percent at P3.1 trillion, while total equity stood at P403.1 billion, maintaining strong capital adequacy ratios well above regulatory requirements.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

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