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BPI's 2024 profits reach a record-setting P62 billion
BPI's 2024 profit rose 20% to a record P62 billion, driven by higher revenues and growth in net interest and non-interest income. Total assets grew 14.9%, and the bank maintained strong capital ratios.
Bank of the Philippine Islands (BPI), led by Ayala, reported a 20% increase in profit for 2024, reaching a record-high P62 billion, up from P51.7 billion the previous year, driven by higher revenues. The bank’s return on equity was 15.1%, and return on assets was 2%. Total revenues grew 23% to P170.1 billion, with net interest income up 22.3% to P127.6 billion. Non-interest income rose 25.3% to P42.6 billion, fueled by gains in credit card, wealth management, and bancassurance sectors.
Operating expenses increased 21.3% to P83.8 billion, mainly due to higher costs in manpower, technology, and volume-related expenses. BPI's provision for loan losses surged 65% to P6.6 billion, resulting in a non-performing loan (NPL) ratio of 2.13%.
For Q4 2024, BPI’s net income grew by 8% to P14.1 billion. Total loans rose 18.2% to P2.3 trillion, with a strong 13% organic growth. Deposits also increased by 13.9% to P2.6 trillion. BPI’s total assets grew 14.9% to P3.3 trillion, and equity reached P430.5 billion. The bank ended 2024 with a common equity Tier 1 ratio of 13.8% and a capital adequacy ratio of 14.5%, both exceeding regulatory requirements.
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