Expansion of the Bank of the Philippine Islands BPI
Expansion of the Bank of the Philippine Islands (BPI) new customer segments enabled the bank to register a 4.5 percent year-on-year increase in its net income in the first quarter of 2011.
In a disclosure to the Philippine Stock Exchange (PSE), BPI president Aurelio Montinola III said net income at the end of the first quarter this year amounted to P2.8 billion, slightly higher than the P2.7 billion in end-March 2010.
Return on equity (ROE) stood at 14.4 percent and return on (ROA) assets was at 1.5 percent.
The bank’s total resources amounted to P761 billion during the same period, reflecting a nine percent rise year-on-year while total deposits expanded by eight percent to P604 billion.
It also completed in the first quarter this year its acquisition of the trust and investment management business of ING N.V. Manila, enabling it to increase by 40 percent the volume of assets under management to P626 billion.
“The bank’s solid intermediation capacity as reflected in its total funds managed, now stood at P1.2 trillion, a 22 percent increase from last year,” Montinola said.
BPI’s loan portfolio grew by 13 percent year-on-year to P360 billion, driven by the middle market or small and medium enterprise (SME) segment at 22 percent and the consumer loans that expanded by 15 percent.