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Bank of the Philippine Islands posts 24.6% YOY rise in H1 net income

Bank of the Philippine Islands reported a 24.6% year-over-year increase in net income for the six months ended June 30.

The bank on Aug. 1 said net income for the first half rose to 13.74 billion Philippine pesos from 11.03 billion pesos in the year-ago period.

Net income for the second quarter came to 7.01 billion pesos, up 46.8% year on year.

The bank's total revenues for the first half rose 23.3% to 45.90 billion pesos, while net interest income rose 24.1% to 32.36 billion pesos. Noninterest income went up 21.5% year on year to 13.54 billion pesos, driven by increases in securities trading gains and fee-based income.

The lender's operating expenses grew 14.4% to 24.28 billion in the first half, mainly due to continued technology spend, continued build-out of new microfinance branches, as well as one-time manpower expenses related to the recently concluded collective bargaining agreements.

Provision for loan losses for the period, which included specific reserves for South Korean shipbuilder Hanjin Heavy Industry Co. Ltd., amounted to 3.48 billion pesos.

At the end of June, the Philippine lender's nonperforming loan ratio remained flat at 1.86% from the end of 2018.

The bank's capital adequacy ratio as of June 30 came to 16.44%, while its common equity Tier 1 ratio clocked in at 15.55%.

As of July 31, US$1 was equivalent to 50.84 Philippine pesos.