BPI posted P6.72 billion in net income in the first quarter (Q1) of 2019, up 7.6 percent from P6.25 billion in the same period in 2018 and up 10.8 percent against the fourth quarter of 2018. Comprehensive income was at P8.51 billion.
Total revenues for Q1 increased by 23.5 percent to P22.78 billion, driven by 28.8 percent year-on-year growth in net interest income.
Net interest income reached P16.05 billion, a result of an 8.8 percent increase in average asset base and a 50-basis point expansion in net interest margin to 3.39 percent.
Total loans as of March 31 stood at P1.35 trillion, up 11.5 percent year-on-year.
Total deposits reached P1.63 trillion, up 1.3 percent. Because of its continued investments in technology, digitalization and its microfinance branch network, operating expenses reached P12.07 billion in Q1 of 2019.
This is an increase of 23.8 percent year-on-year, across all major categories, and primarily in technology and premises. (PR)