MANILA - BPI posted a net income of P17.5 billion from January to September, up 1.8 percent from the same period last year, driven by lower provisions for bad loans, the bank said on Thursday.
The Ayala-led bank told the stock exchange that total revenues for the nine-month period declined by 6 percent to P71.6 billion. Net interest income was also lower by 5.6 percent to P51.2 billion.
Provisions for bad loans however fell 49.9 percent to P10.3 billion, compared to the P20.5 billion booked over the same period last year.
The bank’s non-performing loan ratio also declined to 2.73 percent from 2.98 percent.
“Total Loans as of September 30, 2021, was P1.4 trillion, a 0.9 percent increase year-on-year, due to higher mortgage, credit card, and microfinance loans. Total Deposits was up 6.6 percent at P1.8 trillion,” BPI said.
BPI’s net income fell 25.7 percent in 2020 to P21.4 billion as it increased provisions for bad loans triggered by the COVID-19 pandemic.
But the bank's bottom line slowly recovered this year, and it posted a net income of P6.8 billion in the second quarter, which was the bank’s highest quarterly income since the start of the