Bank of the Philippine Islands’ net income reaches record $722m in 2022

Revenue was bolstered by growth in its net interest income.

Bank of the Philippine Islands (BPI) reported a net income of approximately $722.1m (PHP39.6b) for the full year of 2022, up 66% from a year ago, according to the bank’s latest bourse filing.

Excluding the impact of the one-off gain from the property sale, net income stood at $654.6m (PHP35.9b), up 50.2% from a year ago.

BPI reported a record revenue of $2.16b (PHP118.5b), up 21.7% from end-2021. The bank’s revenue was boosted by a 22.2% growth in net interest income to $1.48b (PHP85.1b), which BPI attributed to asset base expansion.

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The bank’s net interest margin improved 28 basis points (bps) to 3.59%. Non-interest income jumped 20.3% to PHP33.5b, which BPI said was due to a one-off gain on the property sale, higher fees from the credit cards business and transaction banking services, and gains from foreign exchange transactions.

Total operating expenses stood at $610.8m (PHP58b), up 14.3% compared to the previous year.

($1 = PHP54.84; figures from Bangko Sentral ng Pilipinas, retrieved 8 February 2023)