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October 02, 2023

BPI reports improved earnings in Q2 amid open domestic economy

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.


PNB recognized during SSS’s 66th anniversary celebration

Philippine National Bank (PNB) has received two prestigious awards from the Social Security System (SSS) during the “Balikat ng Bayan” Awards (BBA) 2023 for their adherence to SSS requirements and their commitment to enhancing services for Filipino workers both in the country and abroad.

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