BPI income up 19% to P15.8 B ‘

MANILA, Philippines - Ayala-run Bank of the Philippine Islands (BPI) earned P15.8 billion in the first nine months of the year, up 19 percent from P13.2 billion in the same period last year.

In a statement submitted to the Philippine Stock Exchange (PSE), BPI said the nine-month income translated to a return on equity of 20.5 percent and a return on assets of 2.2 percent.

Total revenues grew 12 percent due to the improvement in net interest income brought about by a 16-percent expansion in average asset base.

BPI president and CEO Cezar Consing said they are satisfied with their income performance.

“We are very pleased with the momentum across our corporate and consumer franchises, and are well positioned to take advantage of changing market conditions,” he said.

BPI said the 15 percent increase in non-interest income was driven by increases in fees and commissions, income from insurance operations, foreign exchange trading, and other operating income.

Against the same period last year, operating expenses grew 6.7 percent, with increases coming largely from technology-related expenses and other variable costs.

Impairment losses, on the other hand, decreased 15.6 percent.

The bank’s total deposits reached P889 billion, up 27 percent, with increases driven by growth in savings and demand deposits at nearly 40 percent.

BPI also remains well capitalized, with a capital adequacy ratio (CAR) of 16.1 percent and a Tier 1 CAR of 14.7 percent.

At the end of September, BPI’s market capitalization was P343 billion, allowing the bank to retain its position as the Philippines’ most valuable bank.

Moody’s Investor Service recently granted the Bank its 2nd investment grade rating, following an earlier upgrade to investment grade from Fitch Ratings.

As this developed, BPI, through its mobile banking platform BPI Express Mobile, together with SMART Communications Inc. have just introduced a mobile banking prepaid reloading promo that gives mobile banking clients a chance to win SMART Money cash credits.

Officially launched at the SMART Jump Experience Center in SM Megamall Cyberzone, the “Load Smart and Win” promo seeks to reward loyal users of BPI Express Mobile’s SMS-based mobile banking through SMART.

There will be three monthly draws wherein 75 clients get a chance to win 1,000 pesos* in SMART Money Cash Credits. Furthermore, there will be 10 lucky winners of 10,000 pesos* in SMART Money Cash Credits in the Grand Draw.

BPI clients who are SMART and Talk ‘N Text subscribers can earn entries by simply reloading any SMART or Talk ‘N Text prepaid SIM using BPI’s SMS-based mobile banking through SMART. During each covered date, clients will earn one electronic raffle number for every prepaid reload transaction they make regardless of the amount loaded.

All entries generated during each covered date will be included in their corresponding raffle draws.

“This partnership of BPI with SMART solidifies our commitment to continuously offer fast, secure, and easy mobile banking to our mutual clients. Adding to this, we want to make even the most basic of transactions, in this case prepaid reloading, extraordinary by rewarding our clients with exciting prizes,” said Frederick Faustino BPI AVP Mobile Banking Channel.

“Through this promo, mobile banking services through the BPI-SMART partnership will become more than just a regular transaction – It will be rewarding. Imagine winning SMART Money cash by simply reloading your or your friends’ prepaid numbers! We want consumers to realize that they get more than just a reliable service when they reload with us. This promo is both SMART and BPI’s way of rewarding our customers for their continuous patronage of our service,” said Lawrence Ferrer, Smart head of Financial Services.

With BPI Express Mobile’s SMS-based mobile banking through SMART, BPI clients who are SMART subscribers can do their banking transactions on the go. Clients can do balance inquiry, funds transfers, bills payment, prepaid reloading, and SMART Money transfers directly from their mobile phones. Backed by the widest network coverage in the country, SMART enables BPI’s clients to do their essential banking transactions 24 hours a day,  seven days a week. The promo will run from October 15, 2013 to January 15, 2014.