BPI net income up 1.3% in Q1

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Bank of the Philippine Islands (BPI) reported a slight pickup in net income in the first quarter of 2016, on strong results of core lending, non-interest income, and securities trading.

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In a disclosure Philippine Stock Exchange on Tuesday, the Ayala-owned bank said net income in the first three months of the year totaled P4.98 billion, up 1.3 percent from P4.92 billion a year earlier.

Its comprehensive income grew by 12.6 percent to P5.65 billion.

Total revenue was at P15.27 billion, up 4.9 percent as net interest income posted a 6 percent increase at P10 billion.

Non-interest income grew by 2.8 percent to P5.27 billion, coming from securities and foreign exchange trading at a combined P1.2 billion gain or 22.1 percent.

Operating expenses were at P7.85 billion, up 7.3 percent, “mainly driven by increases in regulatory and marketing-related costs.”

However, BPI said its return on asset and return on equity were down at 1.3 percent and 13.1 percent, respectively.

Total loans stood at P861.22 billion, up 18.1 percent on a 78 percent-22 percent corporate-retail mix.

Total deposits stood at P1.30 trillion, up 12.1 percent year-on-year, while the current account-savings account ratio was 72.6 percent.

Total assets reached P1.54 trillion, an 8.6 percent or P122.70 billion increase from a year earlier.

The bank noted its investment portfolio continues to be heavily-weighted in held-to-maturity securities at P253.79 billion.

Its capital at P155.99 billion was up 7.1 percent, while its capital adequacy ratio was at 13.9 percent and common equity tier 1 at 13 percent.

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