In 2023, the Bank delivered its highest full year net income of Php 51.7 billion, up 30.5% from the previous year’s Php 39.6 billion, driven by record revenues and lower provisions which offset the increase in operating expenses.
Total assets reached Php 2.9 trillion, reflecting a 10.9% growth year-on-year. Total loans stood at Php 1.9 trillion, a 10.5% increase over the previous year, due to the strong growth across all portfolios, while Total deposits stood at Php 2.3 trillion, up 9.5% year-on-year.
Asset quality remains strong with NPL ratio at 1.84%, with sufficient NPL coverage at 156.1% as of the end of the year.
Financial Operating Highlights
| Consolidated | |||
|---|---|---|---|
| 2023 | 2022 | Change | |
| BALANCE SHEET (in Php mn) | |||
| Assets | 2,888,372 | 2,603,961 | 10.9% |
| Liquid Assets | 1,196,865 | 1,033,103 | 15.9% |
| Treasury Securities | 625,019 | 537,933 | 16.2% |
| Gross Loans | 1,935,339 | 1,756,757 | 10.2% |
| Net Loans | 1,882,007 | 1,702,990 | 10.5% |
| Deposits | 2,295,106 | 2,096,001 | 9.5% |
| Equity (1) | 357,204 | 317,722 | 12.4% |
| INCOME STATEMENT (in Php mn) | |||
| Net Interest Income | 104,350 | 85,065 | 22.7% |
| Non-Interest Income | 33,971 | 33,459 | 1.5% |
| Net Revenues | 138,321 | 118,524 | 16.7% |
| Operating Expenses | 69,110 | 57,990 | 19.2% |
| Pre-provision Profit | 69,211 | 60,534 | 14.3% |
| Impairment Losses | 4,000 | 9,167 | -56.4% |
| Net Income (1) | 51,687 | 39,605 | 30.5% |
| FINANCIAL PERFORMANCE INDICATORS | |||
| Profitability | |||
| Return on Equity | 15.35% | 13.14% | 2.2% |
| Return on Assets | 1.93% | 1.59% | 0.3% |
| Margins and Liquidity | |||
| Net Interest Margin | 4.09% | 3.59% | 0.5% |
| Net Loans to Deposit Ratio | 82.0% | 81.2% | 0.8% |
| Cost Efficiency | |||
| Cost to Income Ratio | 50.0% | 48.9% | 1.0% |
| Cost to Average Assets Ratio | 2.58% | 2.33% | 0.2% |
| Asset Quality | |||
| NPL Ratio (2) | 1.84% | 1.76% | 0.1% |
| NPL Cover | 156.1% | 180.0% | -23.9% |
| Capital and Leverage | |||
| Tier 1 Ratio | 15.29% | 15.12% | 0.2% |
| CET 1 Ratio | 15.29% | 15.12% | 0.2% |
| Capital Adequacy Ratio | 16.18% | 16.01% | 0.2% |
| Leverage Ratio | 10.95% | 10.71% | 0.2% |
| DISTRIBUTION NETWORK AND MANPOWER | |||
| Branches/International Offices | 1,189 | 1,189 | - |
| ATMs | 2,086 | 2,080 | 6 |
| Employees | 19,522 | 18,201 | 1,321 |
| Officers | 7,659 | 6,701 | 958 |
| Staff | 11,863 | 11,500 | 363 |
| SHAREHOLDER INFORMATION | |||
| Market Value | |||
| Share Price | 103.80 | 102.00 | 1.8% |
| Market Capitalization (in Php mn) | 513,311 | 460,339 | 11.5% |
| Valuation | |||
| EPS, Basic and Diluted | 10.90 | 8.78 | 24.1% |
| Book Value per Share | 72.23 | 70.40 | 2.6% |
| Price-Earnings Ratio | 9.9x | 11.6x | -1.7x |
| Price to Book Value | 1.4x | 1.4x | 0.0x |
| Dividends | |||
| Cash Dividends Paid to Common Shareholders (in Php mn) | 15,933 | 9,568 | 66.5% |
| Cash Dividends per Common Share | 3.36 | 2.12 | 58.5% |
| (1) Attributable to equity holders of BPI | |||
| (2) Based on BSP circular 941 | |||
View our Historical Financial Operating Highlights
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Financial Statements
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Comprehensive accounts on the key strategies and results of the company’s activities.
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| BPI is regulated by the Bangko Sentral ng Pilipinas