Ayala Corporation chief executive officer Jaime Augusto Zobel de Ayala also noted the significant increase in demand for"We have seen a significant increase in the usage of our digital channels during the ECQ, particularly the BPI online platform and GCash. We envision this level of adoption to continue even after the ECQ," Zobel said during the annual stockholders' meeting of Ayala Corporation on Friday, April 24.
"Within two months after the lockdown is lifted, we will closely monitor consumer behavior; market, industry, and regulatory shifts; supply chain situations; and how the overall economy will restart," he added. As BPI looks into taking its digital push further, it also faces a jump in expenses on loan loss provisioning or expenses for uncollected loan payments, with levels that could reach highs not seen since the Asian financial crisis., as consumers and businesses suffer the pandemic's economic impact. This provision is 2.4 times more than the P1.8-billion buffer set aside during the same period in 2019.
The higher provision trimmed BPI's net income to P6.39 billion, 5% lower than the P6.72 billion registered in the same period last year.BPI president Cezar Consing noted that banks and the economy overall are much better now as compared to the 1990s when the financial crisis broke.Operating expenses for the 1st quarter totaled P12.53 billion, 3.8% higher year-on-year.
Total loans as of March 31 reached P1.45 trillion, 7.3% higher, with growth recorded in microfinance at 66.6%.
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