AYALA-led Bank of the Philippine Islands (BPI) booked P13.84 billion in net income for the first nine months of 2015, 8.1 percent higher than the P12.8 billion recorded a year ago, on the back of double-digit growth in loans and deposits.
In a disclosure to the Philippine Stock Exchange Wednesday, BPI said its total revenues increased by 9.1 percent to P44.1 billion “as both net interest income and non-interest income grew by P2.98 billion and P680 million, respectively.”
Comprehensive income was pegged P13.34 billion, higher by 12.3 percent, it said.
However, it said return on equity went down to 12.6 percent from 13.3 percent last year.
Net interest income in the nine months improved by 11.6 percent to P28.6 billion from P25.7 billion a year ago, boosted by strong loans and deposits.
Loans jumped by 11.2 percent to P780 billion, which was mostly driven by corporate loans (76.6 percent) and retail loans (23.4 percent), while total deposits climbed by 13.3 percent to P1.18 trillion.
Other income, or non-interest income, inched up by four percent to P15.4 billion, from P14.76 billion on strong gains in fees and commissions, foreign exchange trading, trading gains, and other operating income.
Trading gains fared well despite volatility in global markets affecting the banking industry.
Operating expenses grew by 6.7 percent to P22.89 billion. Its capital adequacy ratio (CAR) was at 14.9 percent, while common equity tier (CET) 1 stood at 14 percent.
As of end-September, the bank’s total assets increased 8.8 percent to P1.41 trillion, while total capital also grew by 9.3 percent to P150.44 billion.
To date, the 164-year-old BPI operates 820 branches in its network, as well as offices and remittance centers across the globe.
The bank earlier said it plans to open 40 branches for 2015, consisting of 20 BPI branches and 20 BPI Family Savings Bank branches, costing P3 million to P6 million per bank outlet.