Bank of the Philippine Islands (BPI) grew its first-quarter profit in 2026 despite higher operating costs and a sharp increase in provisions, supported by strong loan expansion and wider margins.
Net income increased 1.7 percent to P16.9 billion, up 4.9 percent from the previous quarter.
Total revenues jumped 13.9 percent to P50.9 billion, driven by a 13.7 percent rise in net interest income as margins expanded to 4.57 percent.
Non-interest income also climbed 14.5 percent to P11.8 billion, boosted by credit card fees, forex gains, and stronger deal activity.
However, operating expenses rose faster at 15.8 percent to P23.5 billion, reflecting higher technology and manpower costs.
The bank booked P5.5 billion in provisions, up about 83 percent from P3 billion in the same period last year, with asset quality steady as the NPL ratio stood at 2.42 percent.
Loans grew 13.5 percent to P2.6 trillion, led by faster expansion in retail and business banking segments.
Despite cost and provisioning pressures, BPI maintained solid capital levels and continued to grow its balance sheet, positioning it for sustained expansion.
—Edited by Miguel R. Camus
