BPI posts P2.88-billion net income in 2nd quarter

MANILA, Philippines - The Bank of the Philippine Islands (BPI) has reported to the Philippine Stock Exchange (PSE) an unaudited net income of P2.88 billion in the second quarter of 2010, or 17 percent higher than the P2.46 billion recorded in the same period last year.

Thus, the unofficial net income for the first six months of 2010 may turn out to be P5.78 billion, higher by nine percent compared to the official net income from January to June 2009 of P5.3 billion.

The bank’s net earnings in 2009 reached P8.5 billion or a 35-percent increase from the P6.4 billion in 2008. However, the full year forecast for 2010 may still be lower than the record P10 billion realized in 2007.

BPI president and chief executive officer Aurelio R. Montinola III earlier said that the bank’s assumption of a 15-percent increase in earnings for 2010 was based on positive results of the May elections.

“We are confident that BPI will continue to serve its clients in a proactive financial advisory manner and be an innovative financial trailblazer in this new decade. With the global economic recovery under way, we expect BPI to even perform better in 2010,” Montinola said.

In the first three months of 2010, net earnings stood at P2.9 billion.

Meanwhile, total resources as of June 2010 amounted to P771 billion, higher than the P724 billion as of end 2009.

Deposits stood at P631.7 billion as of June 2010, a nine-percent increase from the P579.4 billion as of December 2009.

Loans and advances stood at P352.4 billion in end June 2010, higher by almost eight percent than the P327.4 billion in 2009. For the second quarter of 2010 alone, loans and advances amounted to P6.2 billion, better than the P6 billion in the same period in 2009.