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Manila Bulletin devider Business devider BPI posts lower Q1 net profit of ₱6.39 B

BPI posts lower Q1 net profit of ₱6.39 B

Published Apr 26, 2020 12:00 am
By James A. Loyola Bank of the Philippine Islands reported a 5 percent dip in net income for the first quarter of 2020 to ₱6.39 billion from ₱6.72 billion in the same period last year as the COVID-19 pandemic forced it to make provisions for loan losses. In a disclosure to the Philippine Stock Exchange, the bank said it booked P4.23 billion in provisions for loan losses “as the COVID-19 pandemic ushers in a difficult period for consumers and businesses that could lead to potentially higher NPLs (non-performing loans.” It noted that, “This provision is 2.4 times more than the ₱1.80 billion set aside during the same period in 2019.” For the first quarter 2020, total revenues increased by 10.9 percent to ₱25.26 billion. Net Interest Income grew by 13.0 percent, reaching ₱18.14 billion. Net interest margin was 3.63 percent, up by 24 basis points from 3.39 percent in the first quarter of 2019 as lower asset yields were offset by lower cost of funds.
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