BPI net earnings up 7.8% to P33 billion in first semester

Bank of the Philippine Islands (BPI) reported a 7.8 percent increase in its first-semester net earnings, reaching P33 billion, driven primarily by robust revenues from its core lending operations.

The Ayala-led bank's total revenues for the January to June period grew by 14 percent to P92.6 billion.

Net interest income saw a significant rise of 16.2 percent, amounting to P71.2 billion, as gross loans expanded by 14.1 percent to P2.4 trillion.

Despite the loan growth, the nonperforming loan ratio edged up to 2.25 percent from 2 percent in the previous year.

BPI's operating expenses increased by 11.7 percent to P42.7 billion, attributed to increased investments in technology and manpower.

The bank's total assets grew by 9.3 percent, reaching P3.4 trillion by the end of the first half.