BPI posts biggest quarterly profit since the pandemic
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BPI posts biggest quarterly profit since the pandemic

The banking arm of the Ayala family, Bank of the Philippine Islands bounced back in the second quarter after a pandemic-driven rough patch, posting a 28.8 percent jump in its net income to a record P6.8 billion as it cut its reserve for loan losses.

The banking arm of the Ayala family, Bank of the Philippine Islands bounced back in the second quarter after a pandemic-driven rough patch, posting a 28.8 percent jump in its net income to a record P6.8 billion as it cut its reserve for loan losses.

The second quarter profit, BPI’s highest since the start of the pandemic, marked a 36.3 percent increase from the first quarter.

BPI set aside P6.5 billion in the first half, down 55.7% from the same period last year.

Year-to-date net income was up 1.2 percent to P11.8 billion while revenues declined by 6.7 percent to P48.1 billion.

Net Interest Income dipped by 6.6% to P33.9 billion while non-interest income was down by 7.1% to P14.3 billion on lower trading income. Fees and commissions, on the other hand, grew 37.2 percent across fee-based businesses.

Total loans as of end-June amounted to P1.4 trillion, 4.5 percent lower year-on-year due to softer demand in corporate, SME,and auto loans. Total deposits were likewise down by 4.5 percent to P1.7 trillion. CASA grew 10.7% percent, offsetting a 43.1 percent plunge in time deposits.

BPI ended the first semester with total assets of P2.2 trillion, down three percent.

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