Bank of the Philippine Islands generated net income of P30.5 billion for the first nine months of 2022 on higher revenues and lower provisions.

In a statement, the Ayala-led bank said its return on equity stood at 13.73% and return on assets at 1.66%.

Excluding the impact of the one-off gain from the sale of property in the second quarter and adjustments due to the CREATE Law, BPI said its net income would have been P26.8 billion for an ROE of 12.05% and ROA of 1.46%.

Total revenues reached P87.5 billion, up 22.1% year-on-year, boosted by the 20.5% growth in net interest income to P61.6 billion.

Net interest income grew on the back of continued loan growth and sustained expansion in average net interest margin for the year by 23 bps to 3.53%, BPI reported.

Non-interest income grew 26.2% to P25.8 billion driven by the one-off gain in asset sale, gains in foreign exchange transactions and fees from the credit cards business.

Total operating expenses stood at P40.1 billion, up 9.9% compared to the previous year, on higher regulatory, technology and transaction-related costs.

Cost-to-income ratio was 45.8%. Excluding the impact of the asset sale, CIR was at 48.6%.