BPI reports record net profit of P62 billion for 2024

Bank of the Philippine Islands (BPI) reported a record net profit of P62 billion for 2024, marking a 20% increase from the previous year.

The Ayala-led bank attributed its revenue growth of 23%, reaching P170.1 billion, to an expansion in its loan portfolio and merger with Robinsons Bank Corp., along with increased spending on manpower and technology.

Total loans grew by 18.2 percent to reach P2.3 trillion, driven largely by the integration of the Gokongweis' bank, while personal loans nearly doubled and microfinance loans soared by 62.3%. Excluding Robinsons Bank's loan portfolio, BPI’s own loans grew by 13%.

Noninterest income saw a significant rise of 25.3%, hitting P42.6 billion, fueled by gains in credit card, wealth management, and bancassurance sectors.

By the end of December, BPI's total assets increased by 14.9 percent to P3.3 trillion, solidifying its position as the country's third-largest bank.