MANILA - The Bank of the Philippine Islands said it ended 2022 with a full year net income of P39.6 billion, up 66 percent compared to the previous year due to strong loan growth and lower provisions, among others.

Excluding the impact of the one-off gain from the property sale in the second quarter, net income stood at P35.9 billion or up 50.2 percent, the bank said in a disclosure to the stock exchange.

In the fourth quarter, BPI said its net income reached P9.1 billion, higher by 41.4 percent year-on-year and down 10.3 percent quarter-on-quarter.

BPI said it generated a record P118.5 billion in revenues, up by 21.7 percent.

As of Dec. 31, 2022, total loans stood at P1.7 trillion, higher by 15.3 percent led by growth in the credit card, corporate or SME and auto portfolios, the bank said.

Several banks have reported a notable increase in lending activities as the economy continues to reopen and recover from the impact of the COVID-19 pandemic.

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