Details about BPI Net Income for Q2 of 2022
BPI NET INCOME – The Bank of the Philippine Islands posted its net income for the second quarter of the year 2022.
There are several government-owned and private commercial banks in the Philippines. Some of them have built a more prominent name than others. One of these trusted and popular banks is the Bank of the Philippine Islands or more commonly called BPI.
BPI has over 900 branches across the nation. It also has branches in other countries abroad including Hong Kong and Europe. The bank has over 3,000 automated teller machines (ATMs) too.
The Bank of the Philippine Islands has different account offers – savings, checking, and time deposit. It also offers different kinds of loans – personal, auto, home, and business loans. Furthermore, the bank also offers credit cards, debit cards, prepaid cards, and investment services.
Every quarter, the BPI net income is revealed to the Philippine Stock Exchange (PSE). The net income may vary depending on the loan performances of the bank and several other factors.
Based on a report on ABS-CBN News, the BPI net income for the second quarter of 2022 reached P12.5 billion. It is up by 82.9 percent and it brings the bank’s total net income for the first six months of the year to P20.4 billion. It is 73% higher due to higher revenues and lower provisions as per the statement of the bank to the stock exchange.
According to BPI, the higher net income is inclusive of a net gain on property sales and the adjustment on taxes pursuant to the CREATE law. For the first six months of the year 2022, the provision for bad loans was at P5 billion or 23.1 percent lower than the P6.5 billion over the first half of 2021. With regards to the total deposits of the bank, it grew to 18.3% to P2 trillion.
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