BPI reports 20% net income growth to P62B, total loans up 18.2%

Ayala-led Bank of the Philippine Islands (BPI) reported a 20% growth in its full-year 2024 net income, reaching P62 billion.

Revenue for the year grew by 23.0% to P170.1 billion, driven primarily by a 22.4% growth in net interest income and a 16.8% expansion of its asset base.

BPI's total loans stood at P2.3 trillion, 18.2% higher than in 2023, including the loan portfolio from the merger with Robinsons Bank Corp., which took effect on January 1, 2024.

Excluding the impact of the merger, organic loan growth was at 13.0%, with institutional loans increasing by 11.1% and non-institutional loans rising by 41.7%. Business banking grew 126.0%, personal loans by 92.1%, and microfinance by 62.3%.

Unionbank, led by the Aboitiz group, also recorded a strong performance with net income climbing 31% to P12 billion in 2024.