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BPI’s income slightly down

BANK of the Philippine Islands, the fourth-largest lender in terms of assets, said net income in the first nine months of 2017 declined 1.9 percent to P17.05 billion from P17.38 billion a year ago on the absence of one-time gains in 2016.

The bank in a disclosure to the stock exchange said third-quarter net income rose 14 percent to P5.36 billion from P4.71 billion year-on-year, as total revenues increased as a result of higher interest income.

“Our results show a good balance of growth and profitability. Earnings from lending operations and fee-based businesses are good, and the investments we have been making in technology and digitization should allow for even stronger operating and financial results going forward,” BPI president and chief executive 

Cezar Consing said in a statement.

Total revenues in the first nine months of the year increased 5.2 percent to P53.04 billion.

Topics: BPI
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