The Ayala Group's Bank of the Philippine Islands (BPI) saw profits jump at end-September, with core business segments contributing to a healthy growth in revenues despite mounting inflationary pressures. BPI's net income in the nine-month period surged over 74 percent to P30.5 billion, partly due to the sale of property, tax adjustments and foreign exchange gains, a statement on Thursday showed. But even without these nonrecurring gains, profits were up 53 percent to P26.8 billion. One of the country's biggest banks, BPI's earnings offer a glimpse of how the country's financial sector weathered an era of accelerating consumer prices coupled with rising interest rates. It also...
Keep on reading: BPI profit up over 74% at end-September
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