Negosyante News

November 5, 2024 2:51 pm

BPI to Face ₱135 Million SEC Fine

IMG SOURCE: ABS-CBN News

 

The Bank of the Philippine Islands (BPI) is currently facing a fine worth over ₱135 million from the Securities and Exchange Commission (SEC) for failing to secure regulatory confirmation for their stock purchase and option plan over ten years ago.

 

In their disclosure to the Philippine Stock Exchange (PSE), BPI mentioned that after assessment, a ₱134.62 million fine was imposed for violating a provision of the Securities Regulation Code (SRC).

 

“In its letter dated Feb. 3, 2023, the SEC assessed penalties against the company for violation of Section 8.1 of the SRC in the amount of P134.62 million, for omitting to secure SEC’s confirmation of exemption from registration for its seven-year Executive Stock Purchase Plan and Executive Stock Option Plan launched in 2013,”  mentioned BPI.

 

BPI had recently stated a 66% jump in their 2022 earnings to a record high of ₱39.6 billion from a previous ₱23.88 billion the year before. This increase was due to strong loan growth, higher net interest margin, and lower provision for potential loan losses.

 

BPI has also mentioned that their Makati property sale of Q2 2022 increased their bottom line.

 

Not including the impact of the one-off gain from the property sale, the net income of BPI grew to ₱35.9 billion or 50.2%.

 

The total revenues of BPI reached a record high of ₱118.5 billion last 2022, which is a 22% increase from a previous ₱97.4 billion back in 2021.

 

In 2022, BPI’s total assets inched up to ₱2.6 trillion or 7.5%. The total equity was noted at ₱317.7 billion, which a common equity tier 1 ratio of 15.1% and a capital adequacy ratio of 16%.

 

Source: Philstar

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