Bank of the Philippines Islands (BPI) is extending the banking hours of selected branches nationwide by an hour during the Christmas holidays.
On weekdays from December 10, 2018 to January 3, 2019, 138 BPI and 36 BPI Family Savings (BFSB) branches will extend branch hours for an additional hour.
Likewise, 61 BPI and 18 BFSB branches will be open on the following Saturdays: December 8, 16, 22, and 29, the bank said.
The BPI management said clients can check for the list of these branches through its website.
“The decision to extend the operating hours was made to accommodate clients’ extra busy schedules over the holidays,” the bank’s management said in a statement.
BPI has also opened 61 branches nationwide on Saturdays to address the needs of most Filipino families during weekends.
BPI earlier posted P5.98 billion in net income for the third quarter of 2018, up 12 percent from P5.36 billion in the same period last year, led by 21 percent growth in net interest income.
For the first nine months of the year, net income reached P17.01 billion, flat versus last year. Comprehensive income was at P15.30 billion. Total revenues increased by 7.3 percent to P56.89 billion, on the back of 15.1 percent growth in net interest income, which reached P40.88 billion.
The increase in net interest income was a result of a 9.4 percent increase in average asset base, and a 17-basis point expansion in net interest margin (NIM). Interest income from loans grew by 24.2 percent year-on-year as the yield on interest-earning assets improved by 37 basis points.
This was partially offset by a 24-basis point increase in cost of funds due to higher time deposit rates and higher documentary stamp taxes (DST) on deposits.
On a quarter-on-quarter basis, NIM expanded by 14 basis points as a result of favorable loan repricing following the Bangko Sentral ng Pilipinas (BSP) policy rate hike earlier in the quarter.
NIM continues its upward trend, steadily increasing to 3.24 percent in Q3, from 3.10 percent in Q2, and from 2.91 percent in Q1. This trend is reflective of the Bank’s proactive balance sheet and funding strategies in response to changes in the interest rate environment. – BusinessNews.ph