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April 19, 2024

SEC fines BPI for SRC violation

The Securities and Exchange Commission (SEC) is imposing a P135 million fine on Bank of the Philippine Islands (BPI) for failing to get regulatory confirmation for its stock purchase and option plan, which was implemented over ten years ago.

In a disclosure to the Philippine Stock Exchange (PSE), the regulator assessed a P134.62 million fine for the Ayala-led bank’s violation of a provision of the Securities Regulation Code (SRC).

“In its letter dated Feb. 3, 2023, the SEC assessed penalties against the company for violation of Section 8.1 of the SRC in the amount of P134.62 million, for omitting to secure SEC’s confirmation of exemption from registration for its seven-year Executive Stock Purchase Plan and Executive Stock Option Plan launched in 2013,” the bank said.

BPI previously announced record high earnings from 2022, reporting a 66 percent increase of P39.6 billion from P23.88 billion a year earlier, fueled by strong loan growth, a greater net interest margin, and a reduced provision for future loan losses.

The bank also reported a 22 percent hike in total revenues, increasing from P97.4 billion in 2021 to a record high P118.5 billion in 2022.