BPI net income surges 73% to P20.4 billion in H1 2022

Bank of the Philippine Islands (BPI) reported a 73% surge in net income to P20.4 billion for the first half of 2022.

This significant growth was attributed to increased revenues and reduced provisions for potential losses.

Excluding one-off gains from asset sales and tax adjustments due to the CREATE Law, BPI's core net income rose by 24% year-on-year to P16.7 billion.

The bank's total revenues climbed 19.8% to P57.6 billion, propelled by a 16.2% increase in net interest income due to loan growth and margin expansion.

Fee income also contributed significantly, rising 42.2% and boosting non-interest income by 28.4%.

Loan loss provisions were cut by 23.1% to P5 billion, reflecting an improved non-performing loan (NPL) ratio of 1.99% and a robust NPL coverage ratio of 170.7%.