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BPI reports flat Q1 income at P6.25 B

Published May 7, 2018 12:00 am
By James A. Loyola Bank of the Philippine Islands (BPI) reported that net income was flat at P6.25 billion for the first quarter of 2018 compared to the same period last year but up by 16.4 percent quarter on quarter. BPI logo Total revenues reached P18.45 billion, higher by 2.7 percent versus the first quarter of 2017. Net interest income was P12.51 billion, up by 8.9 percent on account of the expansion in average asset base. Interest income from loans grew by 18.4 percent year-on-year driven by the improvement in loan yields. Meanwhile, interest expense tempered the growth in net interest income, partly due to higher DST (documentary stamp tax) rates on deposits which increased the cost of funds by 5 basis points. Net interest margin (NIM) widened by 4 basis points year-on-year. Total loans stood at P1.21 trillion, a growth rate of 17.2 percent year-on-year driven primarily by corporate loans. Total deposits reached P1.59 trillion, up by 10.4 percent. The Bank’s current account and savings account ratio (CASA) stood at 71.6 percent while the loan-to-deposit ratio (LDR) settled at 76.2 percent. The bank’s holdings in securities totaled P309.95 billion, up only 2.3 percent year-on-year. Almost 90 percent of the securities portfolio was in Hold-to-Collect, and thus less exposed to interest rate risk. Non-interest income dropped by 8.1 percent to P5.94 billion due to lower income from trust and investment management fees, securities trading and asset sales. Meanwhile, credit card fees, bank commissions, stock brokerage fees, and foreign exchange trading were higher for the period.
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