The Bank of the Philippine Islands (BPI), led by Ayala, saw a slight improvement in its bottom line in the first nine months of the year as the lender recorded lower provisions during the period.
In a regulatory filing, BPI said its net profit for the first nine months rose 1.8% to 17.5 billion pesos, while revenue fell 6.0% to 71.6 billion pesos. .
Net interest income fell 5.6% to 51.2 billion pesos, as net interest margins fell 21 basis points from 3.51% to 3.31%, with yields down on loan portfolios and treasury assets.
The company recorded 10.3 billion pesos in provisions, nearly half of the 20.5 billion pesos recorded in the comparative period last year. BPI’s non-performing loan (NPL) ratio fell from 2.98% to 2.73%, while the coverage ratio was 130.72%.
The lender ended September with a total of loans worth 1,400 billion pesos, up 0.9% from a year ago due to mortgages, credit cards and microfinance high.
Assets stood at 2.3 trillion pesos, up 3.3 percent from 2020, while total equity soared to 291.8 billion pesos.
BPI’s main subsidiaries include BPI Family Savings Bank Inc., BPI Capital Corp., BPI Direct BanKo Inc., BPI International Finance Limited, BPI Remittance Center Hong Kong Ltd., BPI (Europe) Plc., BPI Century Tokyo Lease & Finance Corp. , BPI / MS Insurance Corp., BPI Asset Management and Trust Corp. and BPI Investment Management Inc.
The company ended 2020 with 869 branches, including five kiosk branches in the country. It has a branch in Hong Kong and two branches in London.
It also ended the year with 2,240 ATMs and 467 ATMs. – VBL, GMA News