The Bank of the Philippine Islands (BPI.PH) said Thursday that 2012 net profit rose 27% on the back of double-digit growth in its loan portfolio and fee-based income.
BPI, the country's third-largest lender by assets, said in a statement that its unaudited net profit last year rose to 16.3 billion Philippine pesos ($401.5 million) from PHP12.8 billion in 2011 as its net loan portfolio increased 16% to PHP527 billion.
Net interest income rose 6% due to an interest margin contraction, while fee-based income was up 25% due to higher trading gains on securities sold.
BPI said total assets rose 17% to PHP985 billion. Total deposits rose 18% to PHP802 billion while assets under management climbed 11% to PHP743 billion.
Write to Cris Larano at cris.larano@dowjones.com
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Bank Philippine Islands: 2012 Net Profit PHP16.30 Billion, up 27%