BPI Q1 earnings up 4.5%

Ayala-led Bank of the Philippine Islands on Monday said its earnings for this year's first quarter improved 4.5 percent to P2.7 billion. In a statement posted at the Philippine Stock Exchange, BPI said resources also rose nine percent to P761 billion as deposits grew eight percent to P604 billion. Although net interest income was 15-percent higher, non-interest income dropped nine percent owing to "lower gains from securities trading and foreign exchange and miscellaneous income." Operating expenses were higher by nine percent on increases in manpower, premises, and software, regulatory and variable costs. Capital adequacy ratio was at 16.1 percent. "We are happy that our first quarter results for this year surpassed last year's level considering the relatively low interest rate environment and its impact on the valuation of our securities inventory. Our focus on financial inclusion and expansion into new customer segments are showing good results as can be gleaned from our improving asset mix," said Aurelio Montinola III, BPI president. -- CMA/OMG, GMA News