BPI Q2 earnings post double digit growth

Ayala-led Bank of the Philippine Islands reported a double-digit increase in its earnings for the second quarter, boosted by higher revenues. In a statement to the Philippine Stock Exchange on Monday, BPI said its net income jumped 18 percent to P3.3 billion as revenues improved 15 percent "with increases generated by both net interest income and non-interest income." Net income for the year's first six months climbed 12 percent to P6.2 billion from P5.6 billion. The lender also said its asset base expanded 11 percent to P855 billion as deposits grew nine percent to P691 billion. Operating costs also increased 11 percent, with more than half of the increase coming from manpower costs. "Our financial performance is a testament to our 160 year old legacy and our sustainable banking practices. Despite global banking difficulties, BPI registered strong double digit growth in business volumes, revenues and net income. Operating expenses were higher than planned, but these were due to early settlements of CBAs (collective bargaining agreements) and additional headcount to support business volume growth," said Aurelio R. Montinola III, BPI president and chief executive officer. - CMA/OMG, GMA News