top of page
  • Writer's pictureBy The Financial District

BPI Reports A 26.4% Increase In Earnings To ₱38.6 Billion

Bank of the Philippine Islands (BPI) has reported a 26.4 percent increase in net income to P38.6 billion in the first nine months of 2023, compared to P30.5 billion in the same period last year.


BPI described the 26.4% increase in net income as a "historical high" for its nine-month performance. I Photo: BPI Facebook



This significant growth is attributed to sustained loan and margin expansion.

In a disclosure to the Philippine Stock Exchange (PSE), BPI mentioned that its total revenues increased by 15.3% to P100.9 billion.


This surge was mainly driven by a 24.5% rise in net interest income to P76.8 billion.



Additionally, the bank expanded its average asset base by 8.1% and improved its net interest margin to 4.07%.


BPI described the 26.4% increase in net income as a "historical high" for its nine-month performance. It also noted that its non-interest income could have been even higher, growing by P3.3 billion or 15.7%, if not for a 6.6% decrease in non-interest income to P24.1 billion due to a property sale gain recorded in the previous year.


All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

During the first nine months of 2023, the bank's operating expenses increased by 21.3% to P48.6 billion, compared to P40.1 billion in the same period in 2022.


This rise is attributed to increased spending on manpower, technology, and marketing, resulting in a cost-to-income ratio of 48.2%. BPI also reported provisions of P3.0 billion, a 60% decrease from the P7.5 billion recorded in the first nine months of 2022.


Business: Business men in suite and tie in a work meeting in the office located in the financial district.

In terms of asset quality, BPI recorded a slightly weaker performance with a Non-Performing Loan (NPL) ratio of 1.97% and an NPL coverage ratio of 158.95%, compared to the same period in the previous year. The bank also achieved its "highest quarterly net income in the past decade," with a net income of P13.5 billion in the third quarter of 2023.


This represents a 33.3% increase from the P10.1 billion recorded in the third quarter of 2022.


Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

Revenues for the quarter also saw substantial growth, reaching P35.3 billion, marking an 18.3% increase from P29.8 billion in 2022. This growth was primarily driven by higher net interest income and non-interest income.


BPI further noted that international credit rating agencies, including S&P, Moody's, and Fitch, have affirmed the bank's credit ratings with a "stable outlook" as of September this year. The bank's investment-grade ratings include BBB+ from S&P, Baa2 from Moody's, and BBB- from Fitch.




Optimize asset flow management and real-time inventory visibility with RFID tracking devices and custom cloud solutions.
Sweetmat disinfection mat

bottom of page