<p>菲律宾银行（Bank of the Philippine Islands (BPHLF)）已召开第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
<h3>在 TipRanks 上享受 30% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>菲律宾银行最新的财报电话会议传达了谨慎乐观的基调，管理层在稳健的收入和资本实力与日益加大的资产质量和成本压力之间取得了平衡。高管们强调了适度的利润增长、强劲的客户和数字化势头以及稳健的环境、社会和治理（ESG）资质，同时公开指出了上升的拨备、较高的运营费用和在不确定的宏观背景下温和的贷款增长指引。</p>
<h2>净收入和盈利能力</h2>
<p>菲律宾银行报告第一季度净收入为 169.2 亿比索，同比增长 1.7%，环比增长 4.9%，显示出在日益严峻的环境下的韧性。股本回报率为 14.3%，资产回报率为 1.9%，每股收益上升 1.5% 至 3.20 比索，表明尽管信贷成本上升，盈利能力仍在保持。</p>
<h2>强劲的收入增长</h2>
<p>总收入同比增长 13.9%，达到 509.2 亿比索，主要得益于净利息收入增长 13.7%，达到 391.5 亿比索。交易和外汇收入也提供了显著的提升，总体上增长 19.5%，其中外汇收入激增 32.6%，帮助抵消了来自更高拨备和费用的压力。</p>
<h2>贷款和存款扩张</h2>
<p>该银行保持了两位数的资产负债表增长，毛贷款同比增长 13.5%，达到 2.61 万亿比索，存款增长 10.4%，达到 2.84 万亿比索。贷款与总融资比率约为 84%，贷款与存款比率接近 91.95%，显示出积极的资产部署，同时仍留有一定空间，以防融资限制成为问题。</p>
<h2>利润率表现</h2>
<p>净利息利润率保持在 4.57%，环比基本稳定，比去年高出七个基点，显示出菲律宾银行在竞争和融资变化中捍卫了利差。考虑到拨备的风险调整后净利息利润率环比提高了四个基点，达到 3.92%，尽管管理层指出面临更高信贷成本的压力。</p>
<h2>零售和非机构贷款势头</h2>
<p>零售和非机构贷款继续成为增长支柱，余额同比增长 24.9%，达到 8290 亿比索，表明该银行在深化其消费者业务。中小企业贷款几乎翻倍，而信用卡、个人贷款和汽车贷款均实现了强劲的两位数增长，反映出交叉销售的成功和向高收益领域的有意转变。</p>
<h2>客户基础和数字/代理规模</h2>
<p>菲律宾银行的客户基础扩大至 1870 万，银行在数字化和合作伙伴分销方面加大了力度，特别是在服务不足的地区。代理银行业务现已涵盖 34 个合作伙伴和超过 7000 家合作商店，超过 1300 个网点处理存款和取款，交易量同比增长超过五倍。</p>
<h2>财富和手续费收入亮点</h2>
<p>财富业务持续扩展，管理资产超过 2 万亿比索，达到 2.03 万亿比索，同比增长 18.4%。手续费收入增长 13.9%，达到 105.4 亿比索，得益于卡片、财富、交易银行的广泛增长，以及证券经纪和投资银行收入激增 80.2%。</p>
<h2>资本、覆盖率和流动性强度</h2>
<p>菲律宾银行强调其强大的资产负债表防御，核心一级资本充足率为 13.9%，总资本充足率为 14.8%，核心一级资本同比增长 5.9%，达到 4040 亿比索。预期信贷损失覆盖率提高至 103.5%，总抵押品覆盖率约为 138%，为投资者提供了信心，尽管不良贷款（NPL）有所上升。</p>
<h2>运营效率和技术投资</h2>
<p>尽管自 2022 年以来客户基础翻了一番，该银行仍将成本收入比保持在 46.2%，突显出在积极投资数字化的同时，基础效率依然良好。在三年内，菲律宾银行执行了 149 个自动化项目，带来了持续的年度节省和人员优化，同时在欺诈、文档处理和目标营销中部署了人工智能和机器人流程自动化。</p>
<h2>可持续性和市场认可</h2>
<p>在可持续性方面，菲律宾银行发行了 500 亿比索的社会债券，并在其分支网络中扩大了电动车充电设施，以使贷款与社会和环境目标保持一致。该银行还获得了多个 ESG 奖项，并在一个知名的亚太地区企业排名中获得了最高排名，进一步巩固了其作为优质菲律宾品牌的地位。</p>
<h2>上升的运营费用</h2>
<p>运营费用同比激增 15.8%，达到 235 亿比索，人员成本上升 8.2%，技术支出上升 16.5%，其他运营费用上升 25.2%，部分原因是时间和监管相关事项。管理层强调，费用激增的一部分是非经常性的，但投资者将密切关注更新的指引在年内的发布。</p>
<h2>拨备和信贷成本激增</h2>
<p>拨备同比激增 83.3%，达到 55 亿比索，推动第一季度信贷成本达到 87 个基点，并促使全年预期重置至 90-100 个基点范围，若情况恶化则可能更高。这种更为防御性的拨备立场反映了特定机构压力和管理层对宏观和地缘政治风险的谨慎态度。</p>
<h2>不良贷款比率上升和覆盖率压缩</h2>
<p>不良贷款上升至 629 亿比索，使不良贷款比率升至 2.42%，环比上升 24 个基点，同时压缩了时点不良贷款覆盖率至 87.15%。尽管总的预期信贷损失和抵押品覆盖仍然强劲，但这一变化表明借款人感受到压力，银行可能需要在更长时间内维持较高的拨备。</p>
<h2>机构和中小企业资产质量压力</h2>
<p>资产质量问题集中在部分机构和中小企业的敞口上，机构的不良贷款比率上升至 1.19%，部分账户，包括一个大型借款人，推动了净不良贷款的形成。中小企业和微型金融的逾期贷款也环比大幅上升，凸显出小型企业在当前经济背景下特别脆弱。</p>
<h2>风险调整后的利润率疲软</h2>
<p>基于净不良贷款形成的风险调整后的净利差在第一季度下降了 42 个基点，降至 3.39%，反映出集中在机构账户的不良贷款流入过大。该指标突显出，尽管表面净利差保持稳定，但在信用损失后的真实经济回报受到压力，如果不良贷款形成保持高位，则需要监测。</p>
<h2>费用和交易趋势</h2>
<p>环比来看，手续费收入下降了 3.1%，管理层将其归因于典型的第四季度季节性和第一季度日历较短。ATM 和数字渠道的费用略有下降，因为较高的定价似乎抑制了交易量，这种动态可能会影响银行在费用上涨与客户使用之间的平衡。</p>
<h2>借款增长和融资成本</h2>
<p>借款同比激增 84.6%，因为银行调整了其融资结构，这一举措可以支持资产增长，但如果持续下去，可能会对融资成本和利润率产生影响。活期存款与定期存款比率环比下降 41 个基点至 60.29%，虽然仍然健康，但如果低成本存款的竞争加剧，则需要关注。</p>
<h2>温和的贷款增长指导和不确定性</h2>
<p>管理层现在预计 2026 年的贷款增长将维持在 10-12% 的温和水平，低于之前的内部目标，降级与全球增长预期疲软、地区紧张局势和油价上涨有关。银行强调，宏观不确定性和对这些冲击的拨备敏感性将影响其新贷款的追求力度。</p>
<h2>前瞻性指导和展望</h2>
<p>展望未来，BPI 预计贷款增长将保持在低双位数，同时计划将信用成本提高到 90-100 个基点范围，甚至可能更高，反映出更为保守的风险态度。由于第一季度的增长快于预期，运营费用指导正在审查中，但管理层认为资本、流动性和覆盖水平提供了充足的空间来应对动荡，并预计随着解决方案的进展，覆盖比率会有所改善。</p>
<p>BPI 的财报电话会议描绘了一家依靠强大特许经营、数字规模和稳健资本来抵消更艰难的信用和成本环境的银行。对于投资者而言，这个故事是稳健核心动能与上升的风险成本和放缓的增长相互制衡，管理层在宏观和地缘政治不确定性中选择谨慎而非激进。</p>

菲律宾指数 MSCI ETF - iShares

<p>菲律宾银行（BPI）在第一季度的财报电话会议中报告了谨慎乐观的业绩，净收入为 169.2 亿菲律宾比索，同比增长 1.7%。总收入增长了 13.9%，达到了 509.2 亿菲律宾比索，主要得益于强劲的净利息收入。尽管拨备和运营费用上升，BPI 仍保持了 4.57% 的强劲净利息差。该银行的客户基础增长至 1870 万，零售贷款显著增长。然而，运营费用激增 15.8%，拨备上升 83.3%，这使得对未来一年的展望变得谨慎</p>

<p>Bank of the Philippine Islands ((BPHLF)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>菲律宾银行（Bank of the Philippine Islands (BPHLF)）已召开第一季度财报电话会议。请继续阅读以了解会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Bank of the Philippine Islands’ latest earnings call struck a cautiously optimistic tone as management balanced solid revenue and capital strength with mounting asset-quality and cost pressures. Executives highlighted modest profit growth, strong client and digital momentum, and robust ESG credentials, while openly flagging rising provisions, higher operating expenses, and tempered loan growth guidance amid an uncertain macro backdrop.</p>
<div class="lb-trans"><p>菲律宾银行最新的财报电话会议传达了谨慎乐观的基调，管理层在稳健的收入和资本实力与日益加大的资产质量和成本压力之间取得了平衡。高管们强调了适度的利润增长、强劲的客户和数字化势头以及稳健的环境、社会和治理（ESG）资质，同时公开指出了上升的拨备、较高的运营费用和在不确定的宏观背景下温和的贷款增长指引。</p>
</div><h2>Net Income and Profitability</h2>
<div class="lb-trans"><h2>净收入和盈利能力</h2>
</div><p>BPI reported Q1 net income of PHP 16.92 billion, up 1.7% year-on-year and 4.9% quarter-on-quarter, underscoring resilience despite mounting headwinds. Return on equity stood at a healthy 14.3% and return on assets at 1.9%, with earnings per share rising 1.5% to PHP 3.20, showing that profitability is holding up even as credit costs climb.</p>
<div class="lb-trans"><p>菲律宾银行报告第一季度净收入为 169.2 亿比索，同比增长 1.7%，环比增长 4.9%，显示出在日益严峻的环境下的韧性。股本回报率为 14.3%，资产回报率为 1.9%，每股收益上升 1.5% 至 3.20 比索，表明尽管信贷成本上升，盈利能力仍在保持。</p>
</div><h2>Strong Revenue Growth</h2>
<div class="lb-trans"><h2>强劲的收入增长</h2>
</div><p>Total revenues climbed 13.9% year-on-year to PHP 50.92 billion, powered by a 13.7% increase in net interest income to PHP 39.15 billion. Trading and foreign-exchange income also provided a meaningful lift, rising 19.5% overall as foreign-exchange revenues surged 32.6%, helping offset pressure from higher provisions and expenses.</p>
<div class="lb-trans"><p>总收入同比增长 13.9%，达到 509.2 亿比索，主要得益于净利息收入增长 13.7%，达到 391.5 亿比索。交易和外汇收入也提供了显著的提升，总体上增长 19.5%，其中外汇收入激增 32.6%，帮助抵消了来自更高拨备和费用的压力。</p>
</div><h2>Loan and Deposit Expansion</h2>
<div class="lb-trans"><h2>贷款和存款扩张</h2>
</div><p>The bank sustained double-digit balance-sheet growth with gross loans up 13.5% year-on-year to PHP 2.61 trillion and deposits rising 10.4% to PHP 2.84 trillion. A loans-to-total-funding ratio of about 84% and loan-to-deposit ratio near 91.95% point to active asset deployment, while still leaving some room before funding constraints become a concern.</p>
<div class="lb-trans"><p>该银行保持了两位数的资产负债表增长，毛贷款同比增长 13.5%，达到 2.61 万亿比索，存款增长 10.4%，达到 2.84 万亿比索。贷款与总融资比率约为 84%，贷款与存款比率接近 91.95%，显示出积极的资产部署，同时仍留有一定空间，以防融资限制成为问题。</p>
</div><h2>Margin Performance</h2>
<div class="lb-trans"><h2>利润率表现</h2>
</div><p>Net interest margin remained robust at 4.57%, broadly stable quarter-on-quarter and seven basis points higher than a year ago, showing that BPI is defending spreads despite competition and funding shifts. Risk-adjusted NIM, which factors in provisions, improved by four basis points quarter-on-quarter to 3.92%, although management noted pressure from higher credit costs.</p>
<div class="lb-trans"><p>净利息利润率保持在 4.57%，环比基本稳定，比去年高出七个基点，显示出菲律宾银行在竞争和融资变化中捍卫了利差。考虑到拨备的风险调整后净利息利润率环比提高了四个基点，达到 3.92%，尽管管理层指出面临更高信贷成本的压力。</p>
</div><h2>Retail and Noninstitutional Loan Momentum</h2>
<div class="lb-trans"><h2>零售和非机构贷款势头</h2>
</div><p>Retail and noninstitutional lending continued to be a growth pillar, with balances rising 24.9% year-on-year to PHP 829 billion as the bank deepens its consumer franchise. SME loans nearly doubled, while credit card, personal, and auto loans posted strong double-digit growth, reflecting both cross-sell success and a deliberate pivot toward higher-yielding segments.</p>
<div class="lb-trans"><p>零售和非机构贷款继续成为增长支柱，余额同比增长 24.9%，达到 8290 亿比索，表明该银行在深化其消费者业务。中小企业贷款几乎翻倍，而信用卡、个人贷款和汽车贷款均实现了强劲的两位数增长，反映出交叉销售的成功和向高收益领域的有意转变。</p>
</div><h2>Customer Franchise and Digital/Agency Scale</h2>
<div class="lb-trans"><h2>客户基础和数字/代理规模</h2>
</div><p>BPI’s customer base expanded to 18.7 million as the bank leaned into digital and partnership-led distribution, particularly across underserved areas. Agency banking now spans 34 partners and over 7,000 partner stores, with more than 1,300 outlets handling deposits and withdrawals and transaction volumes up more than five-fold year-on-year.</p>
<div class="lb-trans"><p>菲律宾银行的客户基础扩大至 1870 万，银行在数字化和合作伙伴分销方面加大了力度，特别是在服务不足的地区。代理银行业务现已涵盖 34 个合作伙伴和超过 7000 家合作商店，超过 1300 个网点处理存款和取款，交易量同比增长超过五倍。</p>
</div><h2>Wealth and Fee Income Highlights</h2>
<div class="lb-trans"><h2>财富和手续费收入亮点</h2>
</div><p>The wealth business continued to scale, with assets under management surpassing PHP 2 trillion to reach PHP 2.03 trillion, an 18.4% year-on-year increase. Fee-based income rose 13.9% to PHP 10.54 billion, supported by broad-based gains in cards, wealth, transaction banking, and a sharp 80.2% jump in securities brokerage and investment banking revenues.</p>
<div class="lb-trans"><p>财富业务持续扩展，管理资产超过 2 万亿比索，达到 2.03 万亿比索，同比增长 18.4%。手续费收入增长 13.9%，达到 105.4 亿比索，得益于卡片、财富、交易银行的广泛增长，以及证券经纪和投资银行收入激增 80.2%。</p>
</div><h2>Capital, Coverage and Liquidity Strength</h2>
<div class="lb-trans"><h2>资本、覆盖率和流动性强度</h2>
</div><p>BPI emphasized its strong balance-sheet defenses, with a CET1 ratio of 13.9% and total capital adequacy ratio of 14.8%, as CET1 capital grew 5.9% year-on-year to PHP 404 billion. Expected credit loss coverage increased to 103.5% and total collateral-backed coverage sits at roughly 138%, offering investors comfort as NPLs edge higher.</p>
<div class="lb-trans"><p>菲律宾银行强调其强大的资产负债表防御，核心一级资本充足率为 13.9%，总资本充足率为 14.8%，核心一级资本同比增长 5.9%，达到 4040 亿比索。预期信贷损失覆盖率提高至 103.5%，总抵押品覆盖率约为 138%，为投资者提供了信心，尽管不良贷款（NPL）有所上升。</p>
</div><h2>Operational Efficiency and Technology Investments</h2>
<div class="lb-trans"><h2>运营效率和技术投资</h2>
</div><p>Despite doubling its customer base since 2022, the bank kept its cost-to-income ratio at 46.2%, highlighting underlying efficiency even as it invests aggressively in digital. Over three years BPI executed 149 automation projects, delivering recurring annual savings and headcount optimization, while AI and robotic process automation are being deployed in fraud, document processing, and targeted marketing.</p>
<div class="lb-trans"><p>尽管自 2022 年以来客户基础翻了一番，该银行仍将成本收入比保持在 46.2%，突显出在积极投资数字化的同时，基础效率依然良好。在三年内，菲律宾银行执行了 149 个自动化项目，带来了持续的年度节省和人员优化，同时在欺诈、文档处理和目标营销中部署了人工智能和机器人流程自动化。</p>
</div><h2>Sustainability and Market Recognition</h2>
<div class="lb-trans"><h2>可持续性和市场认可</h2>
</div><p>On the sustainability front, BPI issued PHP 50 billion in social bonds and expanded its electric-vehicle charging footprint across its branch network to align lending with social and environmental goals. The bank also garnered multiple ESG awards and secured a top ranking in a prominent Asia-Pacific corporate listing, reinforcing its positioning as a premium Philippine franchise.</p>
<div class="lb-trans"><p>在可持续性方面，菲律宾银行发行了 500 亿比索的社会债券，并在其分支网络中扩大了电动车充电设施，以使贷款与社会和环境目标保持一致。该银行还获得了多个 ESG 奖项，并在一个知名的亚太地区企业排名中获得了最高排名，进一步巩固了其作为优质菲律宾品牌的地位。</p>
</div><h2>Rising Operating Expenses</h2>
<div class="lb-trans"><h2>上升的运营费用</h2>
</div><p>Operating expenses jumped 15.8% year-on-year to PHP 23.5 billion, with manpower costs up 8.2%, technology spending up 16.5%, and other operating expenses rising 25.2%, partly due to timing and regulatory-related items. Management stressed that a portion of the spike is non-recurring, but investors will watch closely as updated guidance comes through later in the year.</p>
<div class="lb-trans"><p>运营费用同比激增 15.8%，达到 235 亿比索，人员成本上升 8.2%，技术支出上升 16.5%，其他运营费用上升 25.2%，部分原因是时间和监管相关事项。管理层强调，费用激增的一部分是非经常性的，但投资者将密切关注更新的指引在年内的发布。</p>
</div><h2>Spike in Provisions and Credit Costs</h2>
<div class="lb-trans"><h2>拨备和信贷成本激增</h2>
</div><p>Provisions surged 83.3% year-on-year to PHP 5.5 billion, pushing Q1 credit cost to 87 basis points and prompting a reset of full-year expectations toward the 90–100 basis point range or higher if conditions worsen. This more defensive provisioning stance reflects both specific institutional stress and management’s caution about macro and geopolitical risks.</p>
<div class="lb-trans"><p>拨备同比激增 83.3%，达到 55 亿比索，推动第一季度信贷成本达到 87 个基点，并促使全年预期重置至 90-100 个基点范围，若情况恶化则可能更高。这种更为防御性的拨备立场反映了特定机构压力和管理层对宏观和地缘政治风险的谨慎态度。</p>
</div><h2>NPL Ratio Increase and Coverage Compression</h2>
<div class="lb-trans"><h2>不良贷款比率上升和覆盖率压缩</h2>
</div><p>Nonperforming loans rose to PHP 62.9 billion, lifting the NPL ratio to 2.42%, up 24 basis points quarter-on-quarter, which also compressed point-in-time NPL coverage to 87.15%. While total ECL and collateral coverage remain strong, the shift signals that borrowers are feeling strain and that the bank may need to maintain elevated provisioning for longer.</p>
<div class="lb-trans"><p>不良贷款上升至 629 亿比索，使不良贷款比率升至 2.42%，环比上升 24 个基点，同时压缩了时点不良贷款覆盖率至 87.15%。尽管总的预期信贷损失和抵押品覆盖仍然强劲，但这一变化表明借款人感受到压力，银行可能需要在更长时间内维持较高的拨备。</p>
</div><h2>Institutional and SME Asset Quality Pressure</h2>
<div class="lb-trans"><h2>机构和中小企业资产质量压力</h2>
</div><p>Asset-quality issues were concentrated in select institutional and SME exposures, with the institutional NPL ratio climbing to 1.19% as a few accounts, including one large borrower, drove net NPL formation. SME and microfinance delinquencies also rose sharply quarter-on-quarter, underscoring that smaller businesses are particularly vulnerable to the current economic backdrop.</p>
<div class="lb-trans"><p>资产质量问题集中在部分机构和中小企业的敞口上，机构的不良贷款比率上升至 1.19%，部分账户，包括一个大型借款人，推动了净不良贷款的形成。中小企业和微型金融的逾期贷款也环比大幅上升，凸显出小型企业在当前经济背景下特别脆弱。</p>
</div><h2>Risk-Adjusted Margin Weakness</h2>
<div class="lb-trans"><h2>风险调整后的利润率疲软</h2>
</div><p>Risk-adjusted NIM based on net NPL formation slid 42 basis points to 3.39% in Q1, reflecting outsized net NPL flows concentrated in the institutional book. This metric highlights that, while headline NIM is stable, the true economic return after credit losses has come under pressure and needs monitoring if formation remains elevated.</p>
<div class="lb-trans"><p>基于净不良贷款形成的风险调整后的净利差在第一季度下降了 42 个基点，降至 3.39%，反映出集中在机构账户的不良贷款流入过大。该指标突显出，尽管表面净利差保持稳定，但在信用损失后的真实经济回报受到压力，如果不良贷款形成保持高位，则需要监测。</p>
</div><h2>Fee and Transaction Trends</h2>
<div class="lb-trans"><h2>费用和交易趋势</h2>
</div><p>Sequentially, fee income slipped 3.1%, which management attributed to typical Q4 seasonality and the shorter Q1 calendar. ATM and digital channel fees were modestly lower as higher pricing appears to have dampened transaction volumes, a dynamic that may influence how the bank balances fee hikes against customer usage.</p>
<div class="lb-trans"><p>环比来看，手续费收入下降了 3.1%，管理层将其归因于典型的第四季度季节性和第一季度日历较短。ATM 和数字渠道的费用略有下降，因为较高的定价似乎抑制了交易量，这种动态可能会影响银行在费用上涨与客户使用之间的平衡。</p>
</div><h2>Borrowing Growth and Funding Costs</h2>
<div class="lb-trans"><h2>借款增长和融资成本</h2>
</div><p>Borrowings jumped 84.6% year-on-year as the bank adjusted its funding mix, a move that can support asset growth but may carry implications for funding costs and margins if sustained. The CASA ratio eased 41 basis points quarter-on-quarter to 60.29%, which remains healthy but bears watching should competition for low-cost deposits intensify.</p>
<div class="lb-trans"><p>借款同比激增 84.6%，因为银行调整了其融资结构，这一举措可以支持资产增长，但如果持续下去，可能会对融资成本和利润率产生影响。活期存款与定期存款比率环比下降 41 个基点至 60.29%，虽然仍然健康，但如果低成本存款的竞争加剧，则需要关注。</p>
</div><h2>Moderated Loan Growth Guidance and Uncertainty</h2>
<div class="lb-trans"><h2>温和的贷款增长指导和不确定性</h2>
</div><p>Management now expects loan growth to run at a moderated 10–12% for 2026, below earlier internal ambitions, with the downgrade tied to weaker global growth expectations, regional tensions, and higher oil prices. The bank emphasized that macro uncertainty and provisioning sensitivity around these shocks will shape how aggressively it pursues new lending.</p>
<div class="lb-trans"><p>管理层现在预计 2026 年的贷款增长将维持在 10-12% 的温和水平，低于之前的内部目标，降级与全球增长预期疲软、地区紧张局势和油价上涨有关。银行强调，宏观不确定性和对这些冲击的拨备敏感性将影响其新贷款的追求力度。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指导和展望</h2>
</div><p>Looking ahead, BPI projects low double-digit loan growth while planning for higher credit costs in the 90–100 basis point range and potentially above, reflecting a more conservative risk posture. Operating expense guidance is under review after a faster-than-planned Q1 increase, but management believes capital, liquidity, and coverage levels provide ample room to navigate turbulence and expects some improvement in coverage ratios as resolutions progress.</p>
<div class="lb-trans"><p>展望未来，BPI 预计贷款增长将保持在低双位数，同时计划将信用成本提高到 90-100 个基点范围，甚至可能更高，反映出更为保守的风险态度。由于第一季度的增长快于预期，运营费用指导正在审查中，但管理层认为资本、流动性和覆盖水平提供了充足的空间来应对动荡，并预计随着解决方案的进展，覆盖比率会有所改善。</p>
</div><p>BPI’s earnings call painted the picture of a bank leaning on strong franchises, digital scale, and sturdy capital to offset a tougher credit and cost environment. For investors, the story is one of solid core momentum tempered by rising risk costs and slower growth, with management choosing prudence over aggression as macro and geopolitical uncertainties play out.</p>
<div class="lb-trans"><p>BPI 的财报电话会议描绘了一家依靠强大特许经营、数字规模和稳健资本来抵消更艰难的信用和成本环境的银行。对于投资者而言，这个故事是稳健核心动能与上升的风险成本和放缓的增长相互制衡，管理层在宏观和地缘政治不确定性中选择谨慎而非激进。</p>
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BPI 财报电话会议：核心业务稳健，前景保持谨慎