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MANILA, Philippines - Bank of the Philippine Islands (BPI) said its first-quarter profit grew more than two-fold on the back of low interest rates.
In a statement, BPI said its net income in the January to March period jumped to P5.8 billion this year from P2.8 billion last year.
Deposits grew by seven percent, while loans increased a faster 20 percent. Net interest income increased eight percent.
The lender's non-performing loan ratio eased to two percent from a year ago's 2.4 percent, while its capital adequacy ratio stood at 15.5 percent, above the regulatory minimum of 10 percent.
“As uncertainty in the global economy still prevails, we decided to realize our securities trading gains early in the year. While our first quarter results were excellent, this should not be construed as an indication of the succeeding quarters in view of the one-off securities trading gains. We will continue to focus on growing our core income guided by our goals of quality sustainable growth, customer experience innovation and team-oriented employee engagement,” Aurelio Montinola III, BPI president, said.
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