MANILA -- Bank of the Philippine Islands (BPI) said its net income climbed to a record P62 billion in 2024.

BPI told the Philippine Stock Exchange that this 20 percent year-on-year growth came on the back of stronger revenues.

The bank said revenues reached P170.1 billion because net interest income expanded by 22.3 percent to P127.6 billion.

The lender also noted that non-interest income climbed 25.3 percent to P42.6 billion, pushed by higher income from the credit card, wealth management, and bancassurance businesses.

Operating expenses hit P83.8 billion, 21.3 percent higher year-on-year, as the bank boosted spending on manpower and technology.

Total loans jumped to P2.3 trillion as institutional loans grew by 11 percent. Personal loans almost doubled, while microfinance soared by 62.3 percent.

Assets, meanwhile, stood at P3.3 trillion at the end of the year.

BPI's net income reached a record P48 billion in the first 9 months of 2024.