BPI posts record P50.5 billion net income in first nine months

Bank of the Philippine Islands (BPI) achieved a record net income of P50.5 billion for the first nine months of the year, marking a 5.2 percent increase due to revenue growth.

The bank's total revenue from January to September grew by 13.2 percent to P142.3 billion, which helped offset increased expenses and provisions.

Net interest income saw a significant rise of 16.2 percent, reaching P109.1 billion.

Despite the positive financial performance, provisions surged by 145.83 percent to P11.8 billion, driven by loan expansion.

BPI's nonperforming loans ratio remained stable at 2.3 percent.

The bank's assets also expanded by 9.3 percent, totaling P3.5 trillion as of the end of September.