By Doris Dumlao
PDI
The Ayalas’ Bank of the Philippine Islands reported an 86.1-percent rise in
first-quarter net profits to P2.9 billion from over a year ago on the back of a robust core lending business as well as much-improved trading opportunities given declining interest rates.
The country's third biggest bank in assets but the largest in terms of market capitalization reported a
32.2 percent growth in revenues in the first three months, supported by a 22.1 percent rise in net interest income.
Average asset base expanded by 5.0 percent while interest spreads went up by 57 basis points as asset yields, such as from loans, went up while cost of funds eased.
"Lending activity remained buoyant and broad-based despite a deliberate move at selective expansion. Net loans increased by 12.3 percent on a year-on-year basis notwithstanding P6 billion in maturing government promissory notes," the bank reported.
Corporate and consumer loans posted growth rates of 13.8 percent and 18.9 percent, respectively while credit card billings surged by 25 percent.
The bank ended March with total resources of P643.3 billion, 8.1 percent ahead of the previous year's level.
Deposits expanded by 8.8 percent year-on-year to P517.1 billion. The bank also increased the ratio of lower-cost peso deposits to total peso deposits from 46 to 52 percent. Assets held in trust likewise grew by 25.8 percent to P333.1 billion.
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Topic: Bank of the Philippine Islands (BPI) Experiencing Growth (Read 896 times)