Makati—(PHStocks)—Bank of the Philippine Islands (PSE: BPI), the banking arm of Ayala Corp. (PSE: AC), has reported a net income of PhP18.23 billion for 2015, 1.1% higher than the PhP18.04 billion earned in 2014.
Total revenues rose by 6.4% to PhP59.36 billion, driven by net interest income, which rose 11% to PhP38.64 billion. Comprehensive income was PhP16.69 billion, down 7.1%.
The bank’s trading performance weathered a volatile year, with FX and securities trading marking gains of PhP2.86 billion. Non-interest income was PhP20.72 billion, down 1.2%. Operating expenses grew to PhP31.87 billion, or +6.4%, the same pace as revenues.
The bank’s cost-to-income ratio remained at 53.7%. ROA was 1.3%, down 0.1% from the prior year; ROE was 12.3%, down 1.4%.
Both total loans and total deposits grew to record levels in 2015. Total loans stood at PhP872.86 billion, up 9.1% on a 78%-22% corporate-retail mix. Gross 90-day NPLs were 1.6%, up slightly from 1.5%. Loan loss cover was 110.2%, not counting the value of collateral. Total deposits stood at PhP1.28 trillion, up 8.5% year-on-year. CASA ratio at the end of the year was 72.3%.
BPI’s total assets ended at PhP1.52 trillion, 4.6% or PhP66.16 billion above that of last year. Investment securities, meanwhile, closed at PhP295.18 billion, a 6.7% increase year-on-year. The bank’s investment security was mostly held-to-maturity (HTM), at PhP244.81 billion.
The bank’s capital, net of all cash dividends declared at year-end, was PhP150.28 billion, up 4.3%. CAR ended at 13.6%; CET1, 12.7%.