February 16, 2017
Bank of the Philippine Islands full-year net income for 2016 grew 20.9 percent as it reached P22.05 billion compared to P21.74 billion during the previous year.
Comprehensive income was P21.74 billion, up 30.2 percent while total revenue grew 12.1 percent to P66.55 billion, the bank said in a disclosure to the Philippine Stock Exchange Thursday.
Net interest income rose 9.7 percent to P42.38 billion. Non-interest income climbed 16.7 percent to P24.17 billion on strong gains related to the bank’s securities portfolio, and higher fees from core transactional and bancassurance businesses.
Operating expenses ended at P34.94 billion, up 9.6 percent, driven mainly by spending on general infrastructure, as well as collective bargaining costs. Provisions ended at P4.80 billion, up 20.7 percent.
Total loans stood at P1.04 trillion, up19.2 percent, with a 79-21 corporate-retail mix. DMS
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