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April 12, 2024

BPI’s 2023 profit soars 30.5% to record P51.7 billion

Bank of the Philippine Islands (BPI) said it 2023 net income soared to an all-time high of P51.7 billion, up 30.5% from P39.6 billion in 2022.

The increase was driven by record revenues and lower provisions, which offset a rise in operating expenses. Excluding a one-time gain from a 2022 property sale, net income grew 44.1%, the company said.

Fourth-quarter net income jumped 44.3% year-on-year to P13.1 billion fueled by higher revenue growth and lower provisions recognized.

“The bank’s solid financial performance is a reflection of its strengthened customer franchise and deeper customer engagement, which led to record volumes and market share gains in several businesses,” BPI said.

Total revenues rose 16.7 percent to P138.3 billion year-on-year, led by the 22.7-percent increase in net interest income to P104.4 billion.

Total loans climbed 10.5 percent to P1.9 trillion, while total assets grew 10.9-percent to P2.9 trillion. Total equity stood at P357.2 billion

BPI completed its merger with Robinsons Bank Corp. on Jan. 1, 2024. “This merger will expand reach and enrich the overall banking experience of its customers by unlocking synergies within the BPI Group and Gokongwei ecosystems,” BPI said.