Bank of the Philippine Islands
Bank of the Philippine Islands (BPI) has once again demonstrated it is the leader in its domestic market with great profit growth and successful expansion strategies.
The acquisition of Prudential Bank last year added more than 400,000 accounts to BPI, reinforced its middle market presence and reached a 15% market share in loans and deposits. Prudential’s 189 branches migrated to BPI platforms and systems in April, ahead of schedule and in a record four months.
BPI also expanded organically by focusing on untapped markets including younger customers, young upstarts and overseas residents for consumer banking and the employed population for auto loans.
Throughout the year, BPI maintained its leadership in the mortgage market and auto financing, while launching a series of business initiatives, such as the BPI Gold MasterCard, which is EMV-compliant, and has enhanced payment security.
“The Philippine Financial Reporting Standards exercise in 2005 confirmed BPI’s financial strength and credit discipline. We achieved a net income of Php8.4bn pesos ($170m) and our medium-term target of 15% market share for loans and deposits. In the future, we remain committed to enhancing shareholder value by focusing on customer-centric growth initiatives and on further upgrading our customer service to global standards,” says bank president Aurelio R Montinola III.
