Bank of the Philippine Islands (BPI) Q4 2024 earnings summary

Executive summary

• Achieved record full-year net income of P62.05Bn, up 20% year-over-year, driven by strong revenue growth and improved efficiency, partially offset by higher expenses and provisions.

• Fourth quarter net income at P14.06Bn, down 19.3% sequentially but up 8% year-over-year.

• Sustained profitability with full-year ROE at 15.07% and ROA at 2.0%.

• Added 5 million clients and maintained top NPS rank among banks.

Financial highlights

• Net interest income for 2024 rose 22.3% to P127.59Bn; non-interest income up 25.3% to P42.55Bn.

• Full-year net revenues reached P170.14Bn, up 23% year-over-year.

• Operating expenses increased 21.3% to P83.8Bn, with cost-to-income ratio improving by 71bps to 49.3%.

• Fee income grew 24.1% year-over-year, led by cards, wealth management, and insurance.

• Loans grew 18.2% year-over-year to P2.3 trillion; deposits up 13.9% to P2.6 trillion.

Outlook and guidance

• On track to sustain higher dividends, supported by strong profitability.

• Continued focus on digitalization, customer expansion, and sustainable banking.

• Maintains strong capital position with CET1 ratio at 13.8% and CAR at 14.5%, both above regulatory requirements.