Latest news with #P33.0
GMA Network
4 days ago
- Business
- GMA Network
Ayala Corp. H1 core profit down 2%
Ayala Corp. (AC), the Philippines' oldest conglomerate, on Wednesday reported a 2% decline in its core net income for the first half of the year, due to softer earnings from its telecommunications and energy businesses during the period. In a regulatory filing, AC said its core net income fell to P23.7 billion, while its net income—which includes one-off items—increased by 5% to P23.4 billion due to higher impairments in the same period of 2024. The company's telco unit, Globe Telecommunications Inc., reported an 11% drop in its core net income to P10.4 billion, on the back of lower gross service and higher depreciation and interest expenses. Meanwhile, AC Energy (ACEN) saw a 24% drop in its core net income to P3.5 billion, dragged down by lower revenues from the damaged wind farms in Ilocos Norte, lower local spot market prices, weaker irradiance in the Philippines and Australia, and depreciation expenses from the newly operationalized plants. 'While our telco and energy businesses have some catching up to do, our full-year targets remain achievable. We are also encouraged to see our portfolio businesses showing better numbers,' AC president Cezar Consing said. Banking unit Bank of the Philippine Islands (BPI) recorded an 8% increase in its net income to P33.0 billion, driven by strong loan growth and continued net interest margins, while property developer Ayala Land posted an 8% increase in its net income to P14.2 billion on steady revenues. —VBL, GMA Integrated News
GMA Network
17-07-2025
- Business
- GMA Network
BPI nets P33B in H1 2025
Ayala-led lender Bank of the Philippine Islands (BPI) on Thursday reported a 7.8% increase in its net income in the first six months of the year. BPI said its net income rose to P33.0 billion in the first half, as revenues grew 14.0% to P92.6 billion. Net interest income climbed 16.2% to P71.2 billion, while non-interest income rose 7.4% to P21.4 billion led by credit cards, insurance, and wealth management. Operating expenses for the first half increased 11.7% to P42.7 billion, as the bank spent on technology, business volume-related expenses, and manpower structural increases. Provisions for the period stood at P8.3 billion to reflect a 141.7% increase from the previous year, with the non-performing loan (NPL) ratio at 2.25%, and the NPL coverage ratio at 97.1%. Total assets climbed 9.3% to P3.4 trillion, while gross loans increased 14.1% to P2.4 trillion on the back of the growth across all portfolios, led by non-institutional loans. The bank in April said it was looking at loan growth of 12% to 13% this year, with non-institutional loans accounting for 30% of the total portfolio. —VBL, GMA Integrated News
