Bank of the Philippine Islands posted a 7.7% year-over-year decline in first-half net income to 11.7 billion Philippine pesos.

Excluding one-off income from the sale of held-to-maturity securities in June 2016, the bank's net income increased 48%.

Net interest income rose 13.6% to 23.5 billion pesos, while noninterest income dropped 18.4% to 11.8 billion pesos due to lower trading gains. Fee-based income rose 17.8% driven by cards and payments, service charges, and investment banking.

Total revenues remained flat at 35.3 billion pesos.

The bank's gross 90-day nonperforming loans clocked in at 1.5% as of June 30, while its reserve cover for the period came to 126.1%.

The lender's capital adequacy ratio was 13.7% at the end of the first half, while its common equity Tier 1 ratio was 12.8%, both up 70 basis points from the end of 2016.

As of Aug. 2, US$1 was equivalent to 50.27 Philippine pesos.