Bank of the Philippine Islands (BPI) saw a 4.5 percent year-on-year growth in net income for the second quarter, reaching P13.0 billion, as the domestic economy remained open.
The bank’s first-half earnings surged 23 percent to P25.1 billion.
However, BPI experienced a decline in non-interest income, affecting revenue expansion.
Total deposits rose 7.6 percent on-year to P2.1 trillion in the first six months.
Operating expenses increased by 21.4 percent to P31.4 billion due to one-time salary increases, digitalization investments, and marketing campaigns.
BPI’s non-performing loan ratio stood at 1.88 percent, with a coverage ratio of 167.44 percent as of end-June.
The bank recognized P2.0 billion in provisions in the first half, notably lower by 60 percent compared to a year ago.
Shares in BPI currently trade 1.15 percent up at P114.7 apiece as of 10:11 Thursday morning.