In 2022, the Bank posted a net income of Php 39.60 Bn, up Php 15.72 Bn, or 65.8%, from the Php 23.88 Bn recognized in the prior year. The increase was driven by revenue growth of Php 21.12 Bn and lower impairment losses by Php 3.97 Bn, partly tempered by higher operating expenses and taxes of Php 7.26 Bn and Php 2.11 Bn, respectively.
Our balance sheet expanded 7.5% YoY to 2.60 Tn. Deposits increased 7.2% YoY, with growth led by retail clients. Time Deposits increased 19.8% YoY, compared to the 3.5% increase in CASA, as depositors shift to TDs given the increasing opportunity cost of staying in CASA. Capitalization levels remained robust and CAR remained at just above 16%.
Asset quality gains have been sustained, NPL ratio eased to 1.76% from 2.49% the prior year.
In addition, NPL cover is at 180%, well above the pre-pandemic level of 100%.
Financial Operating Highlights
2022 Consolidated | 2021 Consolidated | Change Consolidated | 2022 Parent | 2021 Parent | Change Parent | |
|---|---|---|---|---|---|---|
| BALANCE SHEET (in Php Mn) | ||||||
| Assets | 2,604,290 | 2,421,915 | 7.5% | 2,547,669 | 2,051,326 | 24.2% |
| Liquid Assets | 1,033,103 | 976,962 | 5.7% | 1,010,494 | 854,977 | 18.2% |
| Treasury Securities | 530,787 | 494,747 | 7.3% | 524,129 | 464,309 | 12.9% |
| Gross Loans | 1,749,568 | 1,522,472 | 14.9% | 1,726,083 | 1,268,469 | 36.1% |
| Net Loans | 1,702,990 | 1,476,527 | 15.3% | 1,680,684 | 1,233,052 | 36.3% |
| Deposits | 2,096,175 | 1,955,147 | 7.2% | 2,082,584 | 1,675,785 | 24.3% |
| Equity (1) | 317,722 | 293,060 | 8.4% | 299,029 | 243,500 | 22.8% |
| INCOME STATEMENT (in Php Mn) | ||||||
| Net Interest Income | 85,065 | 69,583 | 22.3% | 80,808 | 54,663 | 47.8% |
| Non-Interest Income | 33,459 | 27,822 | 20.3% | 27,637 | 25,453 | 8.6% |
| Net Revenues | 118,524 | 97,405 | 21.7% | 108,445 | 80,116 | 35.4% |
| Operating Expenses | 57,989 | 50,733 | 14.3% | 52,726 | 39,666 | 32.9% |
| Pre-provision Profit | 60,535 | 46,672 | 29.7% | 55,719 | 40,450 | 37.7% |
| Impairment Losses | 9,167 | 13,135 | -30.2% | 8,437 | 10,591 | -20.3% |
| Net Income (1) | 39,605 | 23,880 | 65.8% | 36,999 | 22,783 | 62.4% |
| FINANCIAL PERFORMANCE INDICATORS | ||||||
| Profitability | ||||||
| Return on Equity | 13.14% | 8.40% | 4.7% | 13.02% | 9.70% | 3.3% |
| Return on Assets | 1.59% | 1.08% | 0.5% | 1.52% | 1.21% | 0.3% |
| Margins and Liquidity | ||||||
| Net Interest Margin | 3.59% | 3.30% | 0.3% | 3.47% | 3.06% | 0.4% |
| Net Loans to Deposit Ratio | 81.2% | 75.5% | 5.7% | 80.7% | 73.6% | 7.1% |
| Cost Efficiency | ||||||
| Cost to Income Ratio | 48.9% | 52.1% | -3.2% | 48.6% | 49.5% | -0.9% |
| Cost to Average Assets Ratio | 2.33% | 2.28% | 0.0% | - | - | |
| Asset Quality | ||||||
| NPL Ratio (2) | 1.76% | 2.49% | -0.7% | - | - | |
| NPL Cover | 180.0% | 136.1% | 43.9% | - | - | |
| Capital and Leverage | ||||||
| Tier 1 Ratio | 15.12% | 15.78% | -0.7% | 14.33% | 14.90% | -0.6% |
| CET 1 Ratio | 15.12% | 15.78% | -0.7% | 14.33% | 14.90% | -0.6% |
| Capital Adequacy Ratio | 16.01% | 16.67% | -0.7% | 15.23% | 15.81% | -0.6% |
| Leverage Ratio | 10.71% | 10.63% | 0.1% | 10.08% | 10.22% | -0.1% |
2022 Consolidated | 2021 Consolidated | Change Consolidated | 2022 Parent | 2021 Parent | Change Parent | |
|---|---|---|---|---|---|---|
| DISTRIBUTION NETWORK AND MANPOWER | ||||||
| Branches/International Offices | 1,189 | 1,179 | 10 | - | - | |
| ATMs | 2,080 | 2,457 | (377) | - | - | |
| Employees | 18,201 | 19,181 | (980) | - | - | |
| Officers | 6,701 | 6,677 | 24 | - | - | |
| Staff | 11,500 | 12,504 | (1,004) | - | - | |
| SHAREHOLDER INFORMATION | ||||||
| Market Value | ||||||
| Share Price | 102.00 | 92.15 | 10.7% | - | - | |
| Market Capitalization (in Php Mn) | 460,339 | 415,885 | 10.7% | - | - | |
| Valuation | ||||||
| EPS, Basic and Diluted | 7.97 | 5.29 | 50.5% | 8.20 | 5.05 | 62.4% |
| Book Value per Share | 69.44 | 64.94 | 6.9% | - | - | |
| Price-Earnings Ratio | 12.5x | 17.4x | -5.0x | - | - | |
| Price to Book Value | 1.5x | 1.4x | 0.0x | - | - | |
| Dividends | ||||||
| Cash Dividends Paid to Common Shareholders (in Php Mn) | 9,745 | 8,124 | 20.0% | 9,568 | 8,124 | 17.8% |
| Cash Dividends per Common Share | 2.12 | 1.80 | 17.8% | - | - | |
| (1) Attributable to equity holders of BPI | ||||||
| (2) Based on BSP circular 941 | ||||||
View our Historical Financial Operating Highlights
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| BPI is regulated by the Bangko Sentral ng Pilipinas