By (Continued from last week)
During the recent annual stockholders meeting of Bank of the Philippine Islands (BPI), Chairman Jaime August Zobel de Ayala (JAZA) reported the bank’s stellar 2023 performance across all metrics: Net income, total revenue, net interest income, non-interest income, asset quality, capitalization, market cap, as well as various recognitions from regulators and international award-giving bodies.
For his part, BPI President and CEO TG Limcaoco encouraged stakeholders to embrace the theme of “MORE with BPI” as a rallying cry for pushing boundaries and achieving even greater success in the future. The message highlights BPI’s achievements, values and aspirations, emphasizing its commitment to growth, excellence and making a positive impact on various fronts.
Limcaoco also updated shareholders on BPI’s financial performance as of Q1 2024, and the bank’s strategic direction as well as market outlook going forward.
Limcaoco reported that BPI achieved a record first quarter net income of P15.26 billion, up 26 percent compared to the same period last year. This was driven by strong revenue growth which offset increases in loan loss provisions and operating expenses.
Total Q1 revenues amounted to P39.5 billion, up 25 percent from last year and this includes a 24 percent increase in net interest income which is attributed to higher net interest margin and loan growth that has been ahead of the industry average for the past three years. Fee income increased 28 percent from last year, driven by BPI’s biggest businesses, namely credit cards, asset management and insurance.
Loan book increased 19 percent year-on-year, led by the high yield consumer segment. Asset quality remained strong with an NPL ratio of 2.12 percent and an NPL cover of 136 percent. Capital position remained robust despite an increase in dividend payments and high loan growth and this provides BPI with capacity to continue investing for growth.
The shareholders elected the 15 directors for 2024-2025 as follows:
Jaime Augusto Zobel de Ayala (Chairman), Fernando Zobel de Ayala, Cezar P. Consing, Janet Guat Har Ang, Rene G. Bañez, Karl Kendrick T. Chua, Wilfred T. Co, Emmanuel S. de Dios, Jose Teodoro K. Limcaoco, Rizalina G. Mantaring, Aurelio R. Montinola III, Mario Antonio V. Paner, Cesar V. Purisima, Jaime Z. Urquijo, and Maria Dolores V. Yuvienco.
JAZA thanked two outgoing members of the BPI board, Octavio Espiritu and this writer, for their expertise and contributions.
Supporting our Olympic hopefuls
The Ayala group is helping our top athletes chase their Olympic dreams while also boosting our nation’s sporting success. Through their program, Atletang Ayala, they’re providing much-needed support to our national athletes as they prepare for international competitions.
Francisco Romero Milán, who heads the Ayala Group’s Corporate Resources, explained that Atletang Ayala aims to meet the specific needs of selected national athletes, especially as they train for big events.
Starting with an initial group of eight athletes in 2022, Atletang Ayala operates under the Ayala Center for Excellence in Sports. The program offers comprehensive assistance to our Olympic hopefuls, including employment opportunities with flexible schedules to accommodate their training, access to top-notch training facilities at Ayala Vermosa Sports Hub, medical services through the Healthway Medical Network, and educational support in collaboration with De La Salle University.
Jaime Z. Urquijo, who leads the ACES Program, emphasized the importance of sports in national development. He expressed gratitude for the chance to help more Filipino athletes pursue their dreams within the Ayala group of companies.
Athletes like swimmers Jasmine Alkhaldi and Xiandi Chua, archers Pia and Abby Bidaure, and karateka Prince Alejo are among the first beneficiaries of Atletang Ayala. They balance their training with flexible work arrangements provided by the program. And there’s more to come as the program plans to welcome additional athletes.
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