The Bank of the Philippine Islands (BPI) bagged multiple awards from prestigious regional publication FinanceAsia, getting the gold award for ‘Best Financial Company’ and silver for ‘Best Overall Company’ in the Philippines. BPI President and CEO Jose Teodoro "TG" Limcaoco also got gold as the ‘Best CEO’ in the market.
BPI and Limcaoco are among the winners in FinanceAsia’s Asia’s Best Managed Companies 2023 poll. The highly-regarded benchmark evaluates the corporate behavior and performance of Asian peers over the past 12 months, based on nomination by Asia’s active community of influential investors and financial analysts.
“These awards reflect the dedication and commitment of our people at BPI to work in ensuring that effective management of the Bank and its resources translate to satisfied clients and higher value for shareholders,” said Limcaoco. “These recognitions from the investor and analyst community in the region also affirm the progress we are making to achieve our vision of building a better Philippines—one family, one community at a time.”
Limcaoco was appointed as BPI President and CEO on April 22, 2021. Before that, he was the Chief Finance Officer, Chief Risk Officer, and Chief Sustainability Officer of Ayala Corporation, a Philippine Stock Exchange-listed company. Previously, he served as President of BPI Family Savings Bank and President of BPI Capital Corporation.
Under his leadership, BPI last year delivered record net income of Php 39.6 Bn, 66 percent up from the previous year, driven by strong loan growth, higher net interest margins, lower provisions, as well as a gain from a property sale in the second quarter. Excluding the impact of the one-off gain, net income stood at Php Php 35.9 Bn, up 50.2 percent. Return on equity stood at 13.14 percent and Return on Assets at 1.59 percent.
In the first quarter of 2023, BPI reported net income of Php 12.1 Bn, up 52 percent year-on-year. The solid performance was attributable to average asset base expansion, margin growth, and lower provisions.