BPI Q1 net income up 28% at P3.2B

Bank of the Philippine Islands, the country’s second largest lender, on Monday announced that its net income for the first quarter of the year rose 28 percent to P3.2 billion, compared to yearago levels. In a statement to the Philippine Stock Exchange, BPI said the first quarter result includes a one-time gain of P416 million from the sale of a piece of land. “This year’s income was 28 percent higher than the same period in 2006, mainly attributable to a 26 percent expansion in total revenues," the lender said in its statement. BPI’s interest income rose 11 percent for the period, while its non-interest income, mainly from trading games, expanded 52 percent. - GMANews.TV