Bank of the Philippine Islands, the third-largest lender, said Wednesday net income in the first nine months grew 26 percent to P17.38 billion from P13.8 billion a year ago, driven mainly by strong loan and deposit growth.
“I am very pleased with BPI’s strong earnings momentum going into the end of the year. We are doing some very innovative things with both clients and our own organization to build this momentum,” BPI president and chief executive Cezar Consing said in a statement.
Consing said BPI’s shareholders could expect the bank to continue to achieve volume and topline growth within a context of strong risk and cost discipline.
Total loans rose 19.4 percent to P931.12 billion in the nine-month period, with a 77-percent to 23-percent corporate-retail mix. Gross 90-day non-performing loans dropped to 1.6 percent from 1.8 percent a year earlier.
Total deposits increased 11.6 percent to P1.32 trillion, while Casa ratio stood at 75.2 percent.
Net interest income rose 9.1 percent to P31.28 billion. Non-interest income jumped 23.9 percent to P19.14 billion, on strong trading gains and fees earned from core transactional and bancassurance businesses.