MANILA - The Bank of the Philippine Island on Thursday said its second quarter net income hit P12.5 billion, up 82.9 percent.

The second quarter numbers brought the first half net income to P20.4 billion, up 73 percent driven by higher revenues and lower provisions, the bank said in a disclosure to the stock exchange.

"This result is inclusive of a net gain on sale of property and tax adjustments due to the CREATE Law," the statement said.

Its provision for bad loans was at P5 billion for the first half, which is 23.1 percent lower than the 6.5 billion over the same period last year.

The non-performing loans ratio also further improved to 1.99 percent while NPL coverage ratio stood at 170.7 percent, it said.

As of June 30, total loans hit P1.6 trillion or 14.4 percent higher due to increased volumes across all portfolio, BPI said.

Meanwhile, total deposits grew 18.3 percent to P2 trillion.

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