THE  Bank of the Philippine Islands (BPI) announced that their net income increased by 30.5 percent in 2023 to P51.7 billion.

In a statement, BPI said that their net income in 2022 reached P39.6 billion.

Likewise, the growth in 2023 is due to the record revenues and lower provisions.

On the other hand, the total revenues for the year grew 16.7 percent to P138.3 billion, because of a 22.7 percent increase in net interest income.

BPI also said that the net interest income rose to P104.4 billion.

Also, the bank noted that the asset base had expanded by 7.7 percent. 

This brings the total assets reached to P2.9 trillion, and reflected a 10.9% growth year-on-year.

Meanwhile, the total loans stood at P1.9 trillion, up 10.5 percent due to the strong growth across all portfolios. Total deposits, meanwhile, rose 9.5 percent to P2.3 trillion because of growth in time deposits.