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THE Bank of the Philippine Islands (BPI) said it may
exceed its profit forecast this year, the lender’s president said.
This year’s growth would be due
to the bank’s robust consumer lending and insurance business as
well as the improvement in the Philippine economy.
Aurelio Montinola, BPI president,
told reporters the bank is expected to beat its 10-percent to
15-percent net income growth forecast this year.
“Our range is 10 percent to 15
percent but we hope to exceed our forecast,” he said.
In the first half of the year,
BPI posted significant growth in bank lending, surpassing its
8-percent loan growth forecast.
Loans grew by 11 percent, so far
the fastest organically driven growth recorded by the bank in the
last seven years.
The bank’s lending growth
showed across all sectors with mortgage growth leading all sectors
at an 18-percent improvement while the small- and -medium
enterprises market expanding 13 percent.
BPI posted a 24-percent
year-on-year growth in net income to P5.7 billion in the first
semester.
Total revenues grew by 18
percent, the first time since 1988 since the lender grew its
revenues by more than 15 percent.
Noninterest income continued to
be the major source of revenue growth, increasing by a hefty 37
percent. It contributed 41 percent of total revenues.
--Maricel E. Burgonio
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