| BPI net income up 8% to P9B |
| By Honey Madrilejos-Reyes |
| Reporter |
| THE country’s second largest lender, Bank of the Philippine Islands (BPI), has reported an 8-percent rise in net income for 2006 to P9.0 billion versus P8.4 billion the previous year. The bank, in a statement Tuesday, attributed the income growth to stronger revenues. Net interest income went up by 6 percent from a P51-billion increase in average asset base. Also, noninterest income posted a stronger growth of 15 percent, contributing a bigger share to revenue growth. Major gains were recorded from securities and foreign exchange trading, rental income on bank assets, service charges and commissions, and asset management and trust fees. Net loans for the full year of 2006 expanded by 6 percent to P243 billion, with both corporate and consumer loans posting gains in volumes. “The consumer loan portfolio, though, contributed the bigger share of the increase with its 11-percent growth, paced by a 16-percent increase in mortgage lending. The latter benefited from the recovery in the real estate market and increased cross selling efforts to overseas Filipinos,” the bank said. This year, BPI said it will continue to focus on its leadership position in consumer banking, asset management and remittances. It likewise sees opportunities for growth in small and medium enterprises lending and capital markets developments.
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