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BPI profit flat in first quarter

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Bank of the Philippine Islands (BPI) posted flat income in the first quarter despite logging revenue growth.

In a disclosure Monday, May 7, BPI said it booked P6.25-billion net income in the January to March period, flat from the profit it recorded in the same period last year and 16.4% higher from the P5.37 billion in the last quarter of 2017.

Despite tallying flat profit last quarter, BPI said its total revenues grew by 2.7% to P18.45 billion from the P17.96 billion year-on-year.

Net interest income was P12.51 billion last quarter, up 8.9% versus the P11.49 billion in a comparable year-ago period. — Karl Angelo N. Vidal