MANILA — Bank of the Philippine Islands (BPI) saw its net income rise 27% to P12 billion in the first half from P9.4 billion in the same period last year.
In a disclosure, the bank said total revenues went up 14%, while operating expenses climbed 6%.
The increase in revenues was driven by a 6% hike in net interest income and a 23% jump in non-interest income.
“BPI’s financial results for the first half of the year are strong. The growth in our loan book is well balanced and funded by a deposit base that is low cost and growing,” Cezar consing, BPI president and chief executive officer, said.
“We shortened the duration of our securities portfolio to reflect the changing market conditions, and our over-all business is well poised to take advantage of a rising interest rate environment.”
The bank’s loan portfolio expanded by 17% from a year ago, as BPI noted an 18% increase in corporate loans and a 15% growth in consumer loans.
source: http://www.abs-cbnnews.com/business/07/31/13/bpi-earnings-27-first-half
