Bank of the Philippine Islands #BPI

BPI WEEKLY CHART

BPI Posts Q1 2017 Net Income of P6.3 billion, up 25.6% versus Q1 2016
Total Loans up 19.9% to P1.03 trillion; Total Deposits up 10.7% to P1.44 trillion


MAKATI CITY, Philippines—Bank of the Philippine Islands (BPI) posted strong results in Q1 2017. Net Income rose 25.6% relative to the same period last year, to P6.25 billion; Comprehensive Income rose 17.6% to P6.65 billion.

Revenues. Total Revenues reached P17.96 billion, up 17.6%.
Net Interest Income rose to P11.49 billion, higher by 15.0% as
asset yields rose along with loan volumes. Non-Interest Income
also registered strong growth, rising 22.6% to P6.46 billion on
higher trading gains, service charges, underwriting fees, and
income from asset sales.

Operating Expenses. Operating expenses rose 11.2% to P8.73
billion in the first quarter, driven mainly by additional
manpower, regulatory costs, and spending on operational
infrastructure. The Bank continues to invest in processes and
information systems that enhance customer experience and
security. With asset quality strong, provisions were at P1.2
billion, an increase of only 2.4%.

Profitability. Cost-to-income ratio improved to 48.6%, versus
51.4% recorded in Q1 2016. ROA and ROE were 1.5% and
15.0%, up 0.14 and 1.89 percentage points, respectively.

Total Loans and Deposits. Total Loans stood at P1.03 trillion,
rising 19.9% year-on-year. Gross 90-day NPLs fell to 1.5% from
1.7%, while reserve cover rose to 123.7% from 114.2%. Total
Deposits ended at P1.44 trillion, up 10.7% year-on-year, with
low-cost float deposits at 73.9% of total.

Investment Securities. Total Securities ended Q1 2017 at P303.02 billion, largely flat (+0.4%) versus year-ago balances. Held-to-Maturity securities, at P263.79 billion, continue to account for a significant share of the Bank’s investment portfolio, reflecting the Bank’s continued conservative stance given the prospects of higher interest rates in the future.

Total Assets. Total Assets expanded to P1.73 trillion, up 12.4%, or P191.76 billion above Q1 2016 levels.

Total Capital. Capital was P171.85 billion, up 10.2%.