Bank of the Philippine Islands (BPI.PH) said Thursday first-quarter net profit rose 43% from the year-earlier period, helped by double-digit growth in loans and gains on securities trading.

BPI, the Philippines' third-largest lender by assets, posted a net profit of 8.4 billion Philippine pesos ($204 million) in the January-March quarter, up from PHP5.88 billion in the year-earlier period.

The bank said in a statement that net loans reached PHP514 billion at the end of the first quarter, up 19% from the same period a year earlier. It added that total revenue was up 21% because of a "favorable market condition" that allowed the bank to book gains in securities trading.

Operating costs reached PHP6.6 billion, up 7% on year.

Write to Cris Larano at cris.larano@dowjones.com

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Bank of the Philippine Islands 1Q Net Profit PHP8.4 Billion, Up 43% on Year