MANILA, Philippines – Philippine banking heavyweights — namely BDO Unibank, Union Bank of the Philippines, Bank of the Philippine Islands (BPI), Philippine National Bank (PNB), and Metropolitan Bank & Trust Co. (Metrobank) — sustained growth in the first nine months of 2024.
BPI and Metrobank posted their highest nine-month net income growing 24.3% year on year to P48 billion and 12.4% to P35.7 billion, respectively.
BPI attributed this bump to a 24.7% increase in revenues to P125.8 billion. The bank had also posted a 22.2% net interest income to P93.8 billion, with a net interest margin that widened by 22 basis points to 4.29%. Its total assets increased by 17.2% to P3.2 trillion.
In the third quarter, BPI also earned its “highest quarterly income to date” at P17.4 billion as the Ayala-led bank generated a 26.3% revenue increase to P44.6 billion.
On the other hand, Metrobank attributed its nine-month growth to strong asset expansion, recovery in non-interest income, and improved asset quality. As of end-September, the bank had P3.34 trillion in total consolidated assets.
Metrobank also saw a 15.6% rise in gross loans year on year as companies continued capital spending, while a surge in credit card usage and auto loans bumped consumer loans. Meanwhile, the bank’s non-performing loans eased at 1.59%. Metrobank’s net interest margin stood at 3.90% by the end of September.
BDO saw a 12% growth in the first nine months of 2024, finishing strong with P60.6 billion in net profit. The bank’s gross customer loans went up by 13% year on year across all market segments, while non-performing loans declined to 1.82% and non-performing loans (NPL) coverage went up 178%. BDO had P1.1 trillion in total assets.
Meanwhile, PNB recorded a consolidated net income of P15.1 billion in the first nine months of 2024, likewise improving by 12% year on year thanks to a 10% bump from its net interest income (P36.5 billion). As with other banks, PNB also noted an increase in loans to customers during the period.
The Tan-led bank had a 2% increase to P1.2 trillion in total consolidated assets, thanks to more loans and treasury assets.
Unionbank reported a net income of P8.6 billion covering the January to September period, inching up from its P8.1 billion income reported in the same period in 2023. Its net interest income totaled P42.6 billion during the period, while it recorded a 5.9% net interest margin — with the bank touting it as “among the highest in the industry.” The bank has P1.1 trillion in total assets as of September 2024.
Unionbank also reported an increase in retail customers, as their base is now at over 15 million. More people are also leaning toward the bank’s credit card services as they report nearly half a million new credit card clients in 2024. – Rappler.com