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Bank of the Philippine Islands n Makati on January 19, 2021. Jonathan Cellona, ABS-CBN News
MANILA -- The Bank of the Philippine Islands (BPI) on Thursday said its net income for the first nine months of 2023 climbed 26.4 percent to P38.6 billion.
Total revenues from January to September grew 15.3 percent to P100.9 billion, the bank said in a statement.
BPI said its strong financial numbers were driven by sustained loan and margin growth, and tempered provisions.
The lender said operating expenses in the first 9 months of 2023 jumped 21.3 percent to P48.6 billion due to larger spending for manpower, technology, and marketing.
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But BPI noted that its average asset base expanded 8.1 percent.
In the third quarter of 2023, BPI's net income went up to P13.5 billion, up 33.3 percent year-on-year, the highest quarterly net income achieved in the past decade.
For the third quarter, total assets rose 7.2 percent to P2.7 trillion year-on-year, while loans grew 8.8 percent to P1.7 trillion on the back of growth in the corporate, credit card, and auto portfolios.
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