Bank of the Philippine Islands Posts Higher Second-Quarter Profit

By Rthvika Suvarna

Bank of the Philippine Islands' profit rose in the second quarter, with loan growth helping to offset an uptick in provisions.

Southeast Asia's oldest lender said Thursday that quarterly net profit came in at 15.3 billion Philippine pesos ($262.5 million), up 17.5% from a year earlier, while revenue rose 23% to PHP41.7 billion.

For the first half, the Manila-based bank said it posted record net profit of PHP30.6 billion, up 21.5% from a year ago. Net interest income rose 22% to PHP61.3 billion amid loan growth, while noninterest income rose almost 29% to PHP19.9 billion on the back of higher service charges, bancassurance income and credit card fees, BPI said.

First-half provisions rose 50% from a year earlier to PHP3.0 billion. The lender's nonperforming loan ratio was 2.20% at end-June, up from 2.12% at the end of March and 1.84% at the end of 2023.

Write to Rthvika Suvarna at [e-mail]

(END) Dow Jones Newswires

07-18-24 0317ET