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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
Operating costs reached PHP6.6 billion, up 7% on year. <\/p>\n
Write to Cris Larano at cris.larano@dowjones.com<\/a> <\/p>\n Order free Annual Report for Bank of the Philippine Islands <\/p>\n Visit http:\/\/djnweurope.ar.wilink.com\/?ticker=PHY0967S1694<\/a> or call +44 (0)208 391 6028 <\/p>\n Subscribe to WSJ: http:\/\/online.wsj.com?mod=djnwires<\/a> <\/p>\n Copyright 2013 Dow Jones Newswires <\/p>\n <\/p>\n Continue reading here:<\/p>\n Bank of the Philippine Islands 1Q Net Profit PHP8.4 Billion, Up 43% on Year<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" 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 Continue reading