Bank of the Philippine Islands

Bank of the Philippine Islands's net profit rose 38.6% yoy to PHP 8,293 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands made a net profit of PHP 8,293 mil under revenues of PHP 25,100 mil in the third quarter of 2019, up 3...

Bank of the Philippine Islands's market capitalisation (end of period) rose 16.4% yoy to USD 8,089 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands stock traded at PHP 93.0 per share at the end of third quarter of 2019 implying a market capitalization o...

Bank of the Philippine Islands's capital adequacy ratio fell 1.41% yoy to 16.8% in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands's capital adequacy ratio reached 16.8% at the end of third quarter of 2019, up from 16.4% when com...

Profit Statement 2016 2017 2018
Net Interest Income PHP mil 44,362 50,243 55,843
Net Fee Income PHP mil 7,998 8,340 8,224
Other Income PHP mil 17,666 16,135 14,457
Total Revenues PHP mil 70,026 74,718 78,524
Staff Cost PHP mil 13,463 13,897 15,315
Operating Profit PHP mil 30,898 31,235 33,679
Provisions PHP mil 4,800 3,795 4,923
Net Profit PHP mil 21,552 21,540 22,208
Balance Sheet 2016 2017 2018
Interbank Loans PHP mil 38,273 32,992 46,800
Customer Loans PHP mil 1,036,240 1,196,880 1,346,440
Debt Securities PHP mil 314,874 312,638 330,436
Total Assets PHP mil 1,725,700 1,903,900 2,085,230
Shareholders' Equity PHP mil 167,684 183,551 251,538
Interbank Borrowing PHP mil 62,643 84,735 170,889
Customer Deposits PHP mil 1,431,300 1,562,200 1,585,750
Issued Debt Securities PHP mil 0 0 0
Ratios 2016 2017 2018
ROE % 13.5 12.3 10.2
ROA % 1.33 1.19 1.11
Costs (As % Of Assets) % 2.41 2.40 2.25
Costs (As % Of Income) % 55.9 58.2 57.1
Capital Adequacy Ratio % 13.0 12.7 16.1
Net Interest Margin % 2.74 2.77 2.80
Loans (As % Of Deposits) % 72.4 76.6 84.9
NPLs (As % Of Loans) % 1.50 1.34 1.85
Provisions (As % Of NPLs) % 118 127 90.2
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 7,048 8,518 8,081
Share Price (End Of Period) PHP 86.4 105 94.0
Price/Earnings (P/E) 16.2 19.8 19.1
Price/Book Value (P/BV) 2.08 2.32 1.68
Dividend Yield % 2.03 1.67 1.91
Earnings Per Share (EPS) PHP 5.32 5.32 4.93
Book Value Per Share PHP 41.4 45.3 55.9
Dividend Per Share PHP 1.75 1.75 1.80

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summary Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                          
Net Interest Income PHP mil                                             28,827 31,766 36,404 40,369 44,362    
Total Revenues PHP mil                                             50,100 55,495 58,818 62,514 70,026    
Operating Profit PHP mil                                             21,391 24,499 24,464 24,959 30,898    
Net Profit PHP mil                                             15,518 17,904 17,085 16,463 21,552    
balance sheet                                                          
Interbank Loans PHP mil                                             46,509 29,476 28,009 35,140 38,273    
Customer Loans PHP mil                                             524,678 632,999 797,417 869,583 1,036,240    
Debt Securities PHP mil                                             211,006 194,098 282,172 302,366 314,874    
Total Assets PHP mil                                             985,241 1,195,360 1,450,200 1,516,360 1,725,700    
Shareholders' Equity PHP mil                                             98,122 105,807 146,679 152,730 167,684    
Interbank Borrowing PHP mil                               ...             28,315 28,230 33,680 21,372 62,643    
Customer Deposits PHP mil                                             802,274 988,586 1,176,210 1,275,700 1,431,300    
Issued Debt Securities PHP mil                                             5,000 0 0 0 0    
ratios                                                          
ROE % ...                                           16.5 17.6 13.5 11.0 13.5    
ROA % ...                                           1.70 1.64 1.29 1.11 1.33    
Costs (As % Of Assets) % ...                                           3.14 2.84 2.60 2.53 2.41    
Costs (As % Of Income) %                                             57.3 55.9 58.4 60.1 55.9    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...             14.2 13.7 14.9 13.6 13.0    
Net Interest Margin % ...                                           3.15 2.91 2.75 2.72 2.74    
Interest Income (As % Of Revenues) %                                             57.5 57.2 61.9 64.6 63.4    
Fee Income (As % Of Revenues) %                                             10.2 10.6 12.5 12.0 11.4    
Staff Cost (As % Of Total Cost) %                                             36.5 34.3 34.5 33.2 34.4    
Equity (As % Of Assets) %                                             9.96 8.85 10.1 10.1 9.72    
Loans (As % Of Deposits) %                                             65.4 64.0 67.8 68.2 72.4    
Loans (As % Assets) %                                             53.3 53.0 55.0 57.3 60.0    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 2.16 1.77 1.55 1.66 1.50    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 95.8 110 109 111 118    
valuation                                                          
Market Capitalisation (End Of Period) USD mil                                             8,229 6,816 8,262 7,037 7,048    
Number Of Shares (Average) mil                 ... ... ... ... ... ...                 3,727 3,801 4,015 4,043 4,048    
Share Price (End Of Period) PHP                                             90.7 81.1 91.4 81.5 86.4    
Earnings Per Share (EPS) PHP                 ... ... ... ... ... ...                 4.16 4.71 4.25 4.07 5.32    
Book Value Per Share PHP                 ... ... ... ... ... ...                 26.3 27.8 36.5 37.8 41.4    
Dividend Per Share PHP                                             1.72 1.72 1.75 1.75 1.75    
Price/Earnings (P/E)                 ... ... ... ... ... ...                 21.8 17.2 21.5 20.0 16.2    
Price/Book Value (P/BV)                 ... ... ... ... ... ...                 3.44 2.91 2.50 2.16 2.08    
Dividend Yield %                                             1.89 2.12 1.91 2.15 2.03    
Earnings Per Share Growth % ...               ... ... ... ... ... ... ...               24.6 13.2 -9.74 -4.30 30.7    
Book Value Per Share Growth % ...               ... ... ... ... ... ... ...               8.39 5.72 31.2 3.41 9.65    
income statement Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                                                          
Interest Income PHP mil                                             41,482 42,244 47,588 54,027 60,297    
Interest Cost PHP mil                                             12,655 10,478 11,184 13,658 15,935    
Net Interest Income PHP mil                                             28,827 31,766 36,404 40,369 44,362    
Net Fee Income PHP mil                                             5,111 5,885 7,370 7,530 7,998    
Other Income PHP mil                                             16,162 17,844 15,044 14,615 17,666    
Total Revenues PHP mil                                             50,100 55,495 58,818 62,514 70,026    
Staff Cost PHP mil                                             10,470 10,641 11,850 12,463 13,463    
Operating Cost PHP mil                                             28,709 30,996 34,354 37,555 39,128    
Operating Profit PHP mil                                             21,391 24,499 24,464 24,959 30,898    
Provisions PHP mil                                             2,923 2,648 2,807 3,976 4,800    
Extra and Other Cost PHP mil                                             0 0 0 0 0    
Pre-Tax Profit PHP mil                                             18,468 21,851 21,657 20,983 26,098    
Tax PHP mil                                             2,800 3,764 4,549 4,379 4,321    
Minorities PHP mil                                             150 183 23.0 141 225    
Net Profit PHP mil                                             15,518 17,904 17,085 16,463 21,552    
Dividends PHP mil                 ...                           8,180 6,222 7,076 7,078 7,086    
growth rates                                                          
Net Interest Income Growth % ...                                           5.79 10.2 14.6 10.9 9.89    
Net Fee Income Growth % ...                                           10.9 15.1 25.2 2.17 6.22    
Total Revenue Growth % ...                                           13.3 10.8 5.99 6.28 12.0    
Operating Cost Growth % ...                                           8.57 7.97 10.8 9.32 4.19    
Operating Profit Growth % ...                                           20.4 14.5 -0.143 2.02 23.8    
Pre-Tax Profit Growth % ...                                           18.3 18.3 -0.888 -3.11 24.4    
Net Profit Growth % ...                                           24.6 15.4 -4.57 -3.64 30.9    
market share                                                          
Market Share in Revenues % ... ... ... ... ... ... ... ... ... ... ...                       14.6 14.0 14.3 14.7 14.4   ...
Market Share in Net Profit % ... ... ... ... ... ... ... ... ... ... ...                       15.3 14.9 14.7 14.3 17.0   ...
Market Share in Branches % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         9.41 ... ... ... ... ... ...
balance sheet Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                                                          
Cash PHP mil                                             142,372 270,179 250,373 250,641 275,206    
Interbank Loans PHP mil                                             46,509 29,476 28,009 35,140 38,273    
Customer Loans PHP mil                                             524,678 632,999 797,417 869,583 1,036,240    
Retail Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ...       121,138 133,635 154,975 135,398 156,074    
Mortgage Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       95,914 106,413 123,965 99,519 116,079    
Consumer Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       25,224 27,222 31,010 35,879 39,995    
Corporate Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       409,023 506,234 645,429 699,163 840,817    
Debt Securities PHP mil                                             211,006 194,098 282,172 302,366 314,874    
Fixed Assets PHP mil                                             12,421 12,205 12,760 12,826 13,809    
Intangible Assets PHP mil ... ... ... ... ... ... ...               ...               2,865 2,744 2,334 2,054 2,336    
Goodwill PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 0 0 0 0 0    
Total Assets PHP mil                                             985,241 1,195,360 1,450,200 1,516,360 1,725,700    
Shareholders' Equity PHP mil                                             98,122 105,807 146,679 152,730 167,684    
Of Which Minority Interest PHP mil                                             1,426 1,272 2,616 2,446 2,550    
Liabilities PHP mil                                             887,119 1,089,560 1,303,520 1,363,630 1,558,010    
Interbank Borrowing PHP mil                               ...             28,315 28,230 33,680 21,372 62,643    
Customer Deposits PHP mil                                             802,274 988,586 1,176,210 1,275,700 1,431,300    
Sight Deposits PHP mil                                             149,092 179,681 199,690 214,597 231,525    
Term Deposits PHP mil                                             653,182 808,905 976,523 1,061,100 1,199,780    
Issued Debt Securities PHP mil                                             5,000 0 0 0 0    
Subordinated Debt PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         5,000 0 ... ... ... ... ...
Other Liabilities PHP mil                               ...             51,530 72,741 93,625 66,555 64,069    
asset quality                                                          
Non-Performing Loans PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 11,578 11,452 12,540 14,727 15,792    
Gross Loans PHP mil                                             535,775 645,628 811,123 885,945 1,054,920    
Total Provisions PHP mil                                             11,097 12,629 13,706 16,362 18,676    
growth rates                                                          
Customer Loan Growth % ...                                           15.9 20.6 26.0 9.05 19.2    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     15.3 10.3 16.0 -12.6 15.3    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     14.9 10.9 16.5 -19.7 16.6    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     16.9 7.92 13.9 15.7 11.5    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     18.4 23.8 27.5 8.33 20.3    
Total Asset Growth % ...                                           16.9 21.3 21.3 4.56 13.8    
Shareholders' Equity Growth % ...                                           8.39 7.83 38.6 4.13 9.79    
Customer Deposit Growth % ...                                           17.8 23.2 19.0 8.46 12.2    
market share                                                          
Market Share in Customer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 15.3 15.5 15.6 15.0 15.3   ...
Market Share in Corporate Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     24.8 25.4 26.3 24.6 24.8   ...
Market Share in Consumer Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 47.9 ... ... ... ... ...
Market Share in Mortgage Loans % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...       38.8 35.3 32.6 23.4 23.1   ...
Market Share in Total Assets % ... ... ... ... ... ... ... ... ... ... ...                       14.5 13.9 14.8 14.1 14.1   ...
Market Share in Customer Deposits % ... ... ... ... ... ... ... ... ... ... ...                       17.3 16.3 17.3 17.1 16.3   ...
ratios Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                                                          
ROE % ...                                           16.5 17.6 13.5 11.0 13.5    
ROA % ...                                           1.70 1.64 1.29 1.11 1.33    
Costs (As % Of Assets) % ...                                           3.14 2.84 2.60 2.53 2.41    
Costs (As % Of Income) %                                             57.3 55.9 58.4 60.1 55.9    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...             14.2 13.7 14.9 13.6 13.0    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 12.8 13.0 14.0 12.7 12.1    
Net Interest Margin % ...                                           3.15 2.91 2.75 2.72 2.74    
Interest Spread % ...                                           2.99 2.81 2.66 2.62 2.63    
Asset Yield % ...                                           4.54 3.87 3.60 3.64 3.72    
Cost Of Liabilities % ...                                           1.54 1.06 0.935 1.02 1.09    
Payout Ratio %                 ...                           52.7 34.8 41.4 43.0 32.9    
Interest Income (As % Of Revenues) %                                             57.5 57.2 61.9 64.6 63.4    
Fee Income (As % Of Revenues) %                                             10.2 10.6 12.5 12.0 11.4    
Other Income (As % Of Revenues) %                                             32.3 32.2 25.6 23.4 25.2    
Cost Per Employee USD per month                   ... ...         ...             1,667 1,604 1,524 1,543 1,522    
Cost Per Employee (Local Currency) PHP per month                   ... ...         ...             70,329 68,086 67,907 70,908 73,806    
Staff Cost (As % Of Total Cost) %                                             36.5 34.3 34.5 33.2 34.4    
Equity (As % Of Assets) %                                             9.96 8.85 10.1 10.1 9.72    
Loans (As % Of Deposits) %                                             65.4 64.0 67.8 68.2 72.4    
Loans (As % Assets) %                                             53.3 53.0 55.0 57.3 60.0    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 2.16 1.77 1.55 1.66 1.50    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 95.8 110 109 111 118    
Provisions (As % Of Loans) %                                             2.12 2.00 1.72 1.88 1.80    
Cost of Provisions (As % Of Loans) % ...                                           0.598 0.457 0.392 0.477 0.504    
other data Unit 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
other data                                                          
Branches ... ... ... ... ... ... ... ... ... ... ... ... ...   ... ... ... ...         820 825 825 823 834    
Employees                   ... ...         ...             12,406 13,024 14,542 14,647 15,201    
ATMs ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,061    
Sight (As % Of Customer Deposits) %                                             18.6 18.2 17.0 16.8 16.2    
Risk-Weighted Assets PHP mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...             638,900 705,566 865,708 981,517 1,145,850    
Return on Loans % ...                                           3.17 3.09 2.39 1.98 2.26    
Operating Profit (As % of Loans) % ...                                           4.38 4.23 3.42 2.99 3.24    
Costs (As % Of Loans) % ...                                           5.87 5.35 4.80 4.51 4.11    
Equity (As % Of Loans) %                                             18.7 16.7 18.4 17.6 16.2    

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Bank of the Philippine Islands's net interest income rose 12.0% yoy to PHP 16,303 mil in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands generated total banking revenues of PHP 25,100 mil in the third quarter of 2019, up 27.6% when compared to the same period of last year and 8.58% when compared to the previous quarter. Historically, the bank’s revenues containin...

Bank of the Philippine Islands's net interest margin rose 1.47% yoy to 3.06% in 3Q2019

By Helgi Analytics - February 21, 2020

Bank of the Philippine Islands's net interest margin amounted to 3.06% in the third quarter of 2019, down from 3.09% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 4.92% in 4Q2004 and an all ti...

Bank of the Philippine Islands's price/earnings (P/E) fell 19.4% yoy to 12.6 in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands stock traded at PHP 93.0 per share at the end third quarter of 2019 implying a market capitalization of USD 8,089 mil. Since the end of 3Q2014, the stock has depreciated by -2.42 % implying an annual average growth of -0.488 %. In absolu...

Bank of the Philippine Islands's equity (as % of assets) rose 0.523% yoy to 12.8% in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands's Equity reached 12.8% of total assets in the 3Q2019, up from 12.7% for the previous year. As a share of net customer loans, the ratio amounted to 19.8% at the end of the third quarter of 2019. ...

Bank of the Philippine Islands's customer loan growth fell 36.5% yoy to 8.22% in 3Q2019

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands's customer loan growth reached 8.22% in 2019-09-30, down from 12.9% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 78.6% in 2000-12-31 and an all time low of -2.84% in 2009-09-30. ...

Bank of the Philippine Islands's employees rose 10.9% yoy to 18,909 in 4Q2018

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands employed 18,909 persons in 2018-12-31, down 0% when compared to the previous year. Historically, the bank's workforce hit an all time high of 18,909 persons in 2018-12-31 and an all time low of 12,035 in 2010-12-31. Average cost reac...

Bank of the Philippine Islands's corporate loans rose 14.6% yoy to PHP 1,125,420 mil in 4Q2018

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands's loans reached PHP 1,369,340 mil in the fourth quarter of 2018, down from when compared to the previous quarter and up from PHP 1,217,540 mil when compared to the same period of last year. Historically, the bank’s lo...

Bank of the Philippine Islands's npls (as % of loans) rose 38.9% yoy to 1.85% in 4Q2018

By Helgi Analytics - March 4, 2020

Bank of the Philippine Islands's non-performing loans reached 1.85% of total loans at the end of 2018-12-31, up from 1.34% compared to the previous year. Historically, the NPL ratio hit an all time high of 9.57% in 2005-12-31 and an all time low of 1.34% in 2017-...

Bank of the Philippine Islands's costs (as % of assets) fell 24.0% yoy to 2.12% in 4Q2018

By Helgi Analytics - February 21, 2020

Bank of the Philippine Islands's cost to income ratio reached 54.8% in the fourth quarter of 2018, down from when compared to the previous quarter. Historically, the bank’s costs reached an all time high of 85.8% of income in 4Q2009 and an all time low of 5...

Bank of the Philippine Islands's retail loan growth rose 136% yoy to 13.4% in 4Q2018

By Helgi Analytics - February 20, 2020

Bank of the Philippine Islands's retail loans reached PHP 186,931 mil at the end of 2018-12-31, down 0% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 13.9% of the bank's...

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