MANILA -- The Bank of the Philippine Islands on Thursday said its net income rose 23 percent to P25.1 billion in the first 6 months of 2023.

Total revenues from January to June grew 13.8 percent to P65.6 billion, the bank said in a statement.

BPI said their strong financial numbers were driven by average asset base expansion, margin growth, and lower provisions.

The bank said operating expenses in the first half of 2023 jumped 21.4 percent to P31.4 billion due to growth in spending for salary increases and investments in digitalization programs.

In the second quarter of 2023, BPI net income went up to P13 billion, up 4.5 percent year-on-year.

Total revenues reached P33.9 billion for the quarter, up 4.9 percent.

BPI's net income in the first quarter of 2023 jumped 52 percent to P12.1 billion.

• BPI posts P12.1 billion net income in Q1 2023, up 52 percent

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.

• BPI approves issuances of shares to Robinsons Bank shareholders following merger