This increase, which translated to a return on equity of 15.9 percent and return on assets of 2.1 percent, was fueled by strong revenue growth and efficient cost management, the country's No. 3 lender said in a statement on Thursday.
BPI saw revenues reach P125.8 billion, up 24.7 percent, with net interest income contributing P93.8 billion, a 22.2-percent rise.
Non-interest income also grew significantly, up 32.4 percent to P31.9 billion, supported by P3 billion in securities trading gains and higher fees from services and credit cards.
Operating expenses increased 22.1 percent to P59.4 billion, mainly due to higher staffing and tech costs. Despite this, BPI maintained a cost-to-income ratio of 47.2 percent.
The bank set aside P4.8 billion in provisions, a 60-percent jump, with non-performing loan (NPL) coverage at 111.17 percent.
BPI’s gross loans expanded 18.9 percent to P2.1 trillion, while total deposits rose 14.5 percent to P2.5 trillion. For the third quarter alone, the bank posted its highest-ever quarterly income of P17.4 billion, up 29.4 percent year-on-year.
