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Bank of the Philippine Islands Q1 net income rises 1.3% YOY

Bank of thePhilippine Islands posted a 1.3% year-over-year increase in first-quarternet income, aided by an increase in noninterest income and strong results fromits core lending business.

The bank said net income grew to 4.98 billion pesos from4.92 billion pesos in the prior-year period.

Noninterest income increased 2.8% to 5.27 billion pesos,with securities and foreign exchange trading up 22.1% at 1.2 billion pesos. Netinterest income also rose 6% to 10.0 billion pesos.

The bank said operating expenses climbed 7.3% to 7.85billion pesos due to an increase in regulatory and marketing-related costs.

The bank's cost-to-income ratio was 1.1% higher than 51.4%in the prior-year period.

Total loans rose 18.1% to 861.22 billion pesos, while gross90-day nonperforming loans declined to 1.69% from 1.70%. Reserves cover was at114.2%.

As of the end of the period, the bank's capital adequacyratio stood at 13.9%. Common equity Tier 1 ratio was at 13.0%.

As of May 2, US$1 wasequivalent to 47.03 Philippine pesos.