Loan loss provisioning dragged the Bank of the Philippine Islands’ (BPI) net income by double digits in the first half of 2020. In the second quarter alone, net profit plunged by 24.6 percent to P5.29 billion from P7.01 billion a year ago. Total revenues rose by 14.8 percent to P52.69 billion as net interest income soared by 12.5 percent to P36.40 billion. Total deposits climbed by 6.3 percent to P1.76 trillion year-on-year, driven by current account and savings account (CASA) deposits, which picked up by 11.8 percent. Total assets climbed by 5.8 percent to P2.26 trillion year-on-year.

Source: Manila Times July 16, 2020 17:58 UTC