BPI profit fell slightly to P3.16b in 1st quarter

Ayala-controlled Bank of the Philippine Islands reported slightly lower profits in the first quarter of 2008. BPI said that it posted a net income of P3.16 billion, down from P3.2 billion in the first quarter of 2007 on lower trading gains and interest income on loans and advances. BPI noted a significant decline in income from foreign exchange trading and trading securities to P317.5 million in the first quarter from P1.67 billion in 2007. Net interest income stood at P3.5 billion, about a third less than the P5.15 billion in 2007 despite a 14 percent increase in net loans. BPI said housing loans climbed 26 percent in the first quarter to push consumer loan growth. Credit card billings rose 26 percent but lending to corporations was flat. Deposits increased 4 percent to P475 billion while asset management and trust assets grew by 24 percent to P276 billion.

in Manila Standard Today by Eileen A. Mencias
May 1, 2008
Read the article