Manila Bulletin
April 17, 2006
BPI 1st qtr net profit hits P2B
MANILA (Dow Jones)--Bank of the Philippine Islands , or BPI, the country's second-largest bank by assets, said Monday its preliminary net profit in the first quarter hit P2 billion, up from the year-earlier net profit of P1.6 billion on increased interest and fee-based income.
BPI didn't provide actual figures, but said net interest income jumped 23% on year on a 10% expansion in average asset base and 0.51 percentage point improvement in net interest margin.
It added fee-based income also improved 27% on year on sale of foreclosed assets, and gains in its asset management and trust and insurance businesses.
In the first quarter of 2005, BPI reported net interest income of P4.52 billion and fee-based income of P2.33 billion.
BPI President Aurelio Montinola recently told reporters that the bank expects net profit this year to rise 10% from the P8.1 billion reported in 2005, on account of an anticipated improvement in lending activity.
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