Bank of the Philippine Islands, the third-largest bank in the country, posted a net income of P18.23 billion in 2015, or almost flat from P18.04 billion in 2014.
The bank said in a statement Friday said its trading performance weathered a volatile year in 2015, with foreign exchange and securities tradings gaining P2.86 billion. Non-interest income, however, declined 1.2 percent to P20.72 billion.
“Total revenues rose by 6.4 percent to P59.36 billion, driven by net interest income, which rose 11.0 percent to P38.64 billion. Comprehensive income was P16.69 billion, down 7.1 percent,” it said.
Operating expenses stood at P31.87 billion, or an increase of 6.4 percent, the same pace as revenues.
The bank’s cost-to-income ratio remained at 53.7 percent. Return on assets was 1.3 percent, down 0.1 percent from the previous year. Return on equity, meanwhile, was 12.3 percent, down 1.4 percent.
Both total loans and total deposits grew to record levels in 2015. Total loans stood at P872.86 billion, up 9.1 percent on a 78-percent to 22-percent corporate-retail mix.
Gross 90-day non-performing loans were 1.6 percent of the total, up slightly from 1.5 percent. Loan loss cover stood at 110.2 percent, not counting the value of collateral. Total deposits stood at P1.28 trillion, up 8.5 percent year-on-year.
Current and saving account ratio at the end of the year was 72.3 percent.
The bank’s total assets at the end of 2015 stood at P1.52 trillion, 4.6 percent or P66.16 billion higher than the year-ago level.
Investment securities increased 6.7 percent to P295.18 billion year-on-year. The bank’s investment securities were mostly held-to-maturity at P244.81 billion.
Capital, net of all cash dividends declared at yearend, reached P150.28 billion, up 4.3 percent. Capital adequacy ratio—a measurement of financial strength—ended at 13.6 percent, above the regulatory minimum of 10 percent. Common equity Tier 1 ratio stood at 12.7 percent.
BPI, the first bank in the Philippines and in Southeast Asia, is a commercial bank with an expanded banking license. BPI’s services include consumer banking and lending, asset management, insurance, securities brokerage and distribution, foreign exchange, leasing and corporate and investment banking.