May 02, 2013

BPI posts 43% net income hike

Bank of the Philippine Islands (BPI) posted a 43 percent increase in its net income to P8.4 B in the first quarter of 2013 from P5.8 B in the same period in 2012. BPI said the income growth was driven by improvement in trading gains and higher deposits for the period.

At the end of first quarter, BPI’s total resources stood at P940 B, 16% higher YOY as deposits grew by the same rate to P748 B. Net loans hit P514 B, 19% higher YOY. Lending to top corporates was up by 25%, while the middle market and SME segments went up by 17% and 14%, respectively. Consumer loans also grew by 15%.

In its recently held stockholders’ meeting, leadership of BPI was turned over to its new President and CEO Cezar Consing.

Outgoing president and CEO Aurelio R. Montinola III commented, “With a strong Team BPI, we are confident that BPI will continue to move forward with quality sustainable growth. I firmly believe that my successor, a competent and experienced professional with many years in the international banking arena, will further take the bank to a new level and position BPI as one of the best Asean banks in the near future.”