BPI says 2013 profit jumps 15 pct to P18.8-B


Posted at Feb 05 2014 06:27 PM | Updated as of Feb 06 2014 04:40 AM

MANILA, Philippines - Ayala-led Bank of the Philippine Islands said its 2013 profit jumped 15% to P18.8 billion.

The full-year 2013 profit performance exceed 2012's P16.3 billion profit.

"We are pleased with our results for 2013, and are going into 2014 with very strong momentum. We are as committed to our shareholders as they are to us, and thank them for their outstanding support," BPI President and CEO Cezar P. Consing said.

BPI said total resources grew 21% to P1.2 trillion as of end-2013, on the back of its diversified businesses' solid performance.

Deposits jumped 23% to P989 billion, driven by savings and demand deposits, which grew by more than 40% year-on-year.

On the other hand, BPI's net loan portfolio rose 21% to P635 billion, on the back of double-digit growth of both corporate and consumer market segments.

BPI also said its gross NPL ratio closed at 1.80% as of end-2013, as compared to 2.09% as of year-end 2012. The bank’s reserve-to-NPL ratio ended the year at 105%.

Total securities portfolio fell 8% to P188 billion in 2013, with combined available-for-sale and held-for trading positions declining 28%, from P128 billion to P92 billion.

The bank said net interest income jumped 10% as its average asset base grew by 18%, while non-interest income increased by 11% on higher fees and commissions.