Bank of the Philippine Islands, the country’s most profitable bank, said Friday its net income grew 6 percent to P9.6 billion in the first nine months of 2011, despite the market volatility in the third quarter.
“Despite sustained growth, we are still cautious and monitoring external events and any possible transmission risks to BPI. We have therefore decided to focus on the safety of our assets and the maintenance of our yields at the expense of asset growth,” said BPI president and chief executive Aurelio Montinola III.
“Given a risk on, risk off environment, we are communicating more with our customers to provide better than foreign market investor returns and robust, diversified lending growth to help the economy,” said Montinola.
The bank said revenues increased 7 percent, as net interest income improved 9 percent, fueled by a P67-billion growth in average asset base.
Non-interest income was just slightly ahead of the previous year as securities trading gain fell short by P809 million from last year as expected.
This was compensated for by higher fees and commissions, income from insurance operations, and other operating income, the bank said.
The bank said asset base grew modestly to P789 billion as of end-September while deposits stood at P625 billion. Despite minimal deposit growth, total intermediated funds of P1.3 trillion rose 20 percent, coming primarily from a 44-percent growth in assets under management.
http://www.manilastandardtoday.com/insideBusiness.htm?f=2011/october/29/business5.isx&d=2011/october/29
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