BPI Bank Reports on Income and Trading Profits

The Bank of Philippine Island (BPI), in its disclosure to the Philippine Stock Exchange, reported that it has posted net income of P2.7 billion for the first three months of 2010.

It also reported return on equity of 16.6 percent and 1.6 percent return on assets.

Total asset base went up to P695 billion, eight percent higher than same period last year, as deposits expanded by eight percent to P558 billion.

Deposit growth came mainly from low cost peso deposits further improving the low cost float to bought deposit ratio to 57:43 from 54:46 at year end.

Assets under management further increased by 34 percent to P447 billion thereby increasing total customer funds managed of P1 trillion by 18 percent from a year ago.

BPI asset management was named as the Best Onshore Fund Management House in the Philippines by the Asian Investor.

Net loans improved by eight percent over the previous year with strong growth registered by various market segments: middle market at 20 percent, credit card receivables at 18 percent, small and medium enterprises at 15 percent, retail mortgages and auto loans at 13 percent.

Local top tier corporates likewise posted an 11 percent growth but was overshadowed by the 17 percent decline in multinational corporate loans.

Total revenues was relatively flat at P8.9 billion despite a 54 basis points erosion in net interest spreads and weaker trading profits.

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