BPI posts ₱17.5-B net income for Jan-Sept

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Metro Manila (CNN Philippines, October 21) — Bank of the Philippine Islands saw its profit slightly up in the first nine months of 2021 on the back of lower provisions witnessed during the period.

In a disclosure on Thursday, the Ayala-led bank said net income in the January to September period reached ₱17.5 billion, 1.8% higher than the same period in 2020.

Total revenues, however, fell by 6% to ₱71.6 billion.

Net interest income declined by 5.6% to ₱51.2 billion, as net interest margins contracted by 21 basis points from 3.51% to 3.31% with yields down across loan portfolios and treasury assets.

BPI, one of the country's largest bank, booked provisions for loan losses of ₱10.3 billion during the first nine months of 2021, almost 50% lower than the ₱20.5 billion during the same period a year ago. The lender also reported a non-performing loan ratio of 2.73% and a NPL coverage ratio of 130.72%.

Total loans reached ₱1.4 trillion as of end-September, up 0.9% year-on-year on "higher mortgage, credit card, and microfinance loans."

Overall deposits also climbed by 6.6% to ₱1.8 trillion. Total assets stood at ₱2.3 trillion, 3.3% higher year-on-year.