Image via WikipediaThe Bank of the Philippine Islands reported that its net income grew by 6 percent to P9.6 billion as it opted to expand its loan to deposit ratio to maintain its net interest margin amid market volatility.
In a disclosure to the Philippine Stock Exchange, BPI said total revenues were up by 7 percent as net interest income improved by 9 percent fuelled by a P67 billion growth in average asset base.
Non-interest income was just slightly ahead of the previous year as securities trading gain fell short by P809 million from last year as expected.
This was however more than compensated for by higher fees and commissions, income from insurance operations, and other operating income.
Operating costs were however higher by 13 percent with half of the increase arising from salary adjustments and CBA related expenses. Increases were also seen in premises cost, regulatory costs, and other variable expenses.
http://mb.com.ph/articles/339379/bpi-earns-p96-billion-6-first-nine-months
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