MANILA — The Bank of the Philippine Islands on Thursday said its net income in the first quarter of 2023 jumped 52 percent to P12.1 billion.
Total revenues for the first 3 months of the year grew 25.1 percent to P31.7 billion, the bank said in a disclosure to the stock exchange.
"The solid performance was attributable to average asset base expansion, margin growth, and lower provisions," BPI said.
The bank said its non-performing loans (NPL) ratio improved to 1.82 percent for the period from 2.38 percent in March last year while its NPL coverage ratio remains strong at 176.71 percent.
Total loans also as of March 31 climbed 13.6 percent to P1.7 trillion, while total deposits grew to P2.1 trillion, it said.
Lending activities have been recovering due to the robust economic recovery from the impact of the COVID-19 pandemic.
The Ayala-led bank and the Gokongwei Group's Robinsons Bank earlier announced their plans to merge, with BPI as the surviving entity and with Robinsons Bank shareholders to collectively hold 6 percent of the resulting outstanding capital stock of BPI.
In April, it also launched a new "future-ready" and AI-powered mobile app as the competition in the digital banking space intensifies.