BPI 2012 Net Income at P16.3 Billion

The Bank of the Philippine Islands (BPI) posted strong business volume and revenue growth in 2012 as the Philippines likewise grew at a faster pace compared to other Asean economies. BPI’s unaudited net income for full year 2012 reached P16.3 billion, a 27% increase over the P12.8 billion posted in 2011. This translated to a Return on Equity of 17.5% and a Return on Assets of 1.9%.

Total resources reached P985 billion or 17% higher than the previous year as the Bank’s core businesses remained solid. Deposits expanded by a healthy 18% to P802 billion while assets under management was P743 billion or 11% higher, bringing total intermediated funds to P1.5 trillion.

Consing to succeed Montinola as BPI president

At a meeting held last December 12, 2012, the Board of Directors of Bank of the Philippine Islands (BPI) approved a succession plan recommended by its Nomination Committee and Personnel and Compensation Committee. Cezar P. Consing  will be nominated to succeed Aurelio R. Montinola III as President and CEO at the next organizational meeting of the Board immediately following the stockholders’ meeting scheduled on April 18, 2013.  This movement is in line with the traditional retirement practices in BPI and forms part of the normal succession process.