Quartely Report of Bank of the Philippine Islands
The Bank of the Philippine Islands (BPI), in its disclosure to the Philippine Stock Exchange, reported a net income of P2.8 billion for the second quarter of the year, an improvement of 17 percent from the P2.4 billion registered in the same period last year.
Total revenues for the second quarter were P9.2 billion, 6.5 percent higher than the same period last year, due to improvement in both net interest income and non interest income.
Net interest income improved by 8.6 percent following an expansion of P79 billion in average asset base while non interest income was up by 3.3 percent on account of the doubling of the foreign exchange income and higher fees and commission as well as securities trading gain.
Net income for the first semester amounted to P5.6 billion, five percent better than last year.
This translated to a return on equity of 16.7 percent and a return on assets of 1.6 percent.
Net interest income grew by four percent attributable to a 12-percent increase in average asset base.
While foreign exchange income and fees and commissions registered strong growths of 73 percent and 10 percent, overall non interest income increased minimally on account of lower securities trading gains relative to last year.