BPI Q3 profit: P17.4B (up 29.4% y/y)
BPI [BPI 142.50, up 1.4%; 85% avgVol] [link] posted a Q3 net income of P17.4 billion, up 29.4% y/y from its Q3/23 net income, and up 13.7% q/q from its Q2/24 net income of P15.3 billion. The Q3 result helped BPI set a 9M net income record of P48.0 billion, up 24.3% from last year, driven by “robust revenue growth” from “strong performance of net interest income” (up 22.2%), average loan expansion (up 18.9%), and increased net interest margin (+22 basis points to 4.29%). BPI also increased its non-interest income by 32.4% due to trading gains of P3.0 billion and fee income of P26.4 billion (up 28% y/y) from service charges, credit card fees, and “bancassurance” income. BPI’s stock is up 32% over the past 12 months, up 37% year-to-date, and is up 68% over the last three years.
