BPI posts record P48B net income in first nine months

Bank of the Philippine Islands (BPI) achieved a record net income of P48 billion in the first nine months of 2024, a 24.3 percent increase from the previous year.

This was driven by strong revenue growth of 24.7 percent to P125.8 billion and sustained positive operating leverage.

Net interest income grew by 22.2 percent to P93.8 billion, supported by an 18.9 percent expansion in average loans.

Non-interest income also saw a substantial rise, driven by gains from securities trading and increased fee income.

Operating expenses increased by 22.1 percent to P59.4 billion due to higher manpower, transaction processing, and technology costs.

In the third quarter alone, BPI's income hit P17.4 billion, up 29.4 percent from last year, with gross loans increasing 18.9 percent to P2.1 trillion.

Deposits stood at P2.5 trillion, while total assets were at P3.2 trillion.