THE Bank of the Philippine Islands (BPI) has been named as the “Best Domestic Bank” in the Philippines, in The Asset Magazine’s annual Triple A Country Awards for 2007.
The full results of the search are published in the November issue of The Asset.
BPI exhibited another strong performance in the first half of 2007 as it posted a net income of P5.7 billion ($131.94 million), representing an increase of 24.4 percent from P4.6 billion a year ago to retain the “Best Domestic Bank Award” this year.
Revenues went up 17.8 percent or P2.6 billion, marking the first time since the bank achieved a revenue growth higher than 15 percent.
Return on average equity improved to 17.5 percent as of June 20 this year from 15.6 percent as of the end of September 2006. Return on average assets also rose from 1.8 percent to two percent during the same period. The bank’s asset quality also continues to improve as it unloads more non-performing loans.
The Asset Magazine is a financial business magazine written for users and providers of financial services in Asia. Established in 1999 it has an average monthly circulation of 17,569 of which 80 percent is distributed within Asia. (PR)
