<p>菲律賓銀行（Bank of the Philippine Islands (BPHLF)）已召開第一季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
<h3>在 TipRanks 上享受 30% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>菲律賓銀行最新的財報電話會議傳達了謹慎樂觀的基調，管理層在穩健的收入和資本實力與日益加大的資產質量和成本壓力之間取得了平衡。高管們強調了適度的利潤增長、強勁的客户和數字化勢頭以及穩健的環境、社會和治理（ESG）資質，同時公開指出了上升的撥備、較高的運營費用和在不確定的宏觀背景下温和的貸款增長指引。</p>
<h2>淨收入和盈利能力</h2>
<p>菲律賓銀行報告第一季度淨收入為 169.2 億比索，同比增長 1.7%，環比增長 4.9%，顯示出在日益嚴峻的環境下的韌性。股本回報率為 14.3%，資產回報率為 1.9%，每股收益上升 1.5% 至 3.20 比索，表明儘管信貸成本上升，盈利能力仍在保持。</p>
<h2>強勁的收入增長</h2>
<p>總收入同比增長 13.9%，達到 509.2 億比索，主要得益於淨利息收入增長 13.7%，達到 391.5 億比索。交易和外匯收入也提供了顯著的提升，總體上增長 19.5%，其中外匯收入激增 32.6%，幫助抵消了來自更高撥備和費用的壓力。</p>
<h2>貸款和存款擴張</h2>
<p>該銀行保持了兩位數的資產負債表增長，毛貸款同比增長 13.5%，達到 2.61 萬億比索，存款增長 10.4%，達到 2.84 萬億比索。貸款與總融資比率約為 84%，貸款與存款比率接近 91.95%，顯示出積極的資產部署，同時仍留有一定空間，以防融資限制成為問題。</p>
<h2>利潤率表現</h2>
<p>淨利息利潤率保持在 4.57%，環比基本穩定，比去年高出七個基點，顯示出菲律賓銀行在競爭和融資變化中捍衞了利差。考慮到撥備的風險調整後淨利息利潤率環比提高了四個基點，達到 3.92%，儘管管理層指出面臨更高信貸成本的壓力。</p>
<h2>零售和非機構貸款勢頭</h2>
<p>零售和非機構貸款繼續成為增長支柱，餘額同比增長 24.9%，達到 8290 億比索，表明該銀行在深化其消費者業務。中小企業貸款幾乎翻倍，而信用卡、個人貸款和汽車貸款均實現了強勁的兩位數增長，反映出交叉銷售的成功和向高收益領域的有意轉變。</p>
<h2>客户基礎和數字/代理規模</h2>
<p>菲律賓銀行的客户基礎擴大至 1870 萬，銀行在數字化和合作夥伴分銷方面加大了力度，特別是在服務不足的地區。代理銀行業務現已涵蓋 34 個合作伙伴和超過 7000 家合作商店，超過 1300 個網點處理存款和取款，交易量同比增長超過五倍。</p>
<h2>財富和手續費收入亮點</h2>
<p>財富業務持續擴展，管理資產超過 2 萬億比索，達到 2.03 萬億比索，同比增長 18.4%。手續費收入增長 13.9%，達到 105.4 億比索，得益於卡片、財富、交易銀行的廣泛增長，以及證券經紀和投資銀行收入激增 80.2%。</p>
<h2>資本、覆蓋率和流動性強度</h2>
<p>菲律賓銀行強調其強大的資產負債表防禦，核心一級資本充足率為 13.9%，總資本充足率為 14.8%，核心一級資本同比增長 5.9%，達到 4040 億比索。預期信貸損失覆蓋率提高至 103.5%，總抵押品覆蓋率約為 138%，為投資者提供了信心，儘管不良貸款（NPL）有所上升。</p>
<h2>運營效率和技術投資</h2>
<p>儘管自 2022 年以來客户基礎翻了一番，該銀行仍將成本收入比保持在 46.2%，突顯出在積極投資數字化的同時，基礎效率依然良好。在三年內，菲律賓銀行執行了 149 個自動化項目，帶來了持續的年度節省和人員優化，同時在欺詐、文檔處理和目標營銷中部署了人工智能和機器人流程自動化。</p>
<h2>可持續性和市場認可</h2>
<p>在可持續性方面，菲律賓銀行發行了 500 億比索的社會債券，並在其分支網絡中擴大了電動車充電設施，以使貸款與社會和環境目標保持一致。該銀行還獲得了多個 ESG 獎項，並在一個知名的亞太地區企業排名中獲得了最高排名，進一步鞏固了其作為優質菲律賓品牌的地位。</p>
<h2>上升的運營費用</h2>
<p>運營費用同比激增 15.8%，達到 235 億比索，人員成本上升 8.2%，技術支出上升 16.5%，其他運營費用上升 25.2%，部分原因是時間和監管相關事項。管理層強調，費用激增的一部分是非經常性的，但投資者將密切關注更新的指引在年內的發佈。</p>
<h2>撥備和信貸成本激增</h2>
<p>撥備同比激增 83.3%，達到 55 億比索，推動第一季度信貸成本達到 87 個基點，並促使全年預期重置至 90-100 個基點範圍，若情況惡化則可能更高。這種更為防禦性的撥備立場反映了特定機構壓力和管理層對宏觀和地緣政治風險的謹慎態度。</p>
<h2>不良貸款比率上升和覆蓋率壓縮</h2>
<p>不良貸款上升至 629 億比索，使不良貸款比率升至 2.42%，環比上升 24 個基點，同時壓縮了時點不良貸款覆蓋率至 87.15%。儘管總的預期信貸損失和抵押品覆蓋仍然強勁，但這一變化表明借款人感受到壓力，銀行可能需要在更長時間內維持較高的撥備。</p>
<h2>機構和中小企業資產質量壓力</h2>
<p>資產質量問題集中在部分機構和中小企業的敞口上，機構的不良貸款比率上升至 1.19%，部分賬户，包括一個大型借款人，推動了淨不良貸款的形成。中小企業和微型金融的逾期貸款也環比大幅上升，凸顯出小型企業在當前經濟背景下特別脆弱。</p>
<h2>風險調整後的利潤率疲軟</h2>
<p>基於淨不良貸款形成的風險調整後的淨利差在第一季度下降了 42 個基點，降至 3.39%，反映出集中在機構賬户的不良貸款流入過大。該指標突顯出，儘管表面淨利差保持穩定，但在信用損失後的真實經濟回報受到壓力，如果不良貸款形成保持高位，則需要監測。</p>
<h2>費用和交易趨勢</h2>
<p>環比來看，手續費收入下降了 3.1%，管理層將其歸因於典型的第四季度季節性和第一季度日曆較短。ATM 和數字渠道的費用略有下降，因為較高的定價似乎抑制了交易量，這種動態可能會影響銀行在費用上漲與客户使用之間的平衡。</p>
<h2>借款增長和融資成本</h2>
<p>借款同比激增 84.6%，因為銀行調整了其融資結構，這一舉措可以支持資產增長，但如果持續下去，可能會對融資成本和利潤率產生影響。活期存款與定期存款比率環比下降 41 個基點至 60.29%，雖然仍然健康，但如果低成本存款的競爭加劇，則需要關注。</p>
<h2>温和的貸款增長指導和不確定性</h2>
<p>管理層現在預計 2026 年的貸款增長將維持在 10-12% 的温和水平，低於之前的內部目標，降級與全球增長預期疲軟、地區緊張局勢和油價上漲有關。銀行強調，宏觀不確定性和對這些衝擊的撥備敏感性將影響其新貸款的追求力度。</p>
<h2>前瞻性指導和展望</h2>
<p>展望未來，BPI 預計貸款增長將保持在低雙位數，同時計劃將信用成本提高到 90-100 個基點範圍，甚至可能更高，反映出更為保守的風險態度。由於第一季度的增長快於預期，運營費用指導正在審查中，但管理層認為資本、流動性和覆蓋水平提供了充足的空間來應對動盪，並預計隨着解決方案的進展，覆蓋比率會有所改善。</p>
<p>BPI 的財報電話會議描繪了一家依靠強大特許經營、數字規模和穩健資本來抵消更艱難的信用和成本環境的銀行。對於投資者而言，這個故事是穩健核心動能與上升的風險成本和放緩的增長相互制衡，管理層在宏觀和地緣政治不確定性中選擇謹慎而非激進。</p>

菲律賓指數 MSCI ETF - iShares

<p>菲律賓銀行（BPI）在第一季度的財報電話會議中報告了謹慎樂觀的業績，淨收入為 169.2 億菲律賓比索，同比增長 1.7%。總收入增長了 13.9%，達到了 509.2 億菲律賓比索，主要得益於強勁的淨利息收入。儘管撥備和運營費用上升，BPI 仍保持了 4.57% 的強勁淨利息差。該銀行的客户基礎增長至 1870 萬，零售貸款顯著增長。然而，運營費用激增 15.8%，撥備上升 83.3%，這使得對未來一年的展望變得謹慎</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>菲律賓銀行（Bank of the Philippine Islands (BPHLF)）已召開第一季度財報電話會議。請繼續閲讀以瞭解會議的主要亮點。</p>
</div><h3>Claim 30% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 30% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</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>菲律賓銀行最新的財報電話會議傳達了謹慎樂觀的基調，管理層在穩健的收入和資本實力與日益加大的資產質量和成本壓力之間取得了平衡。高管們強調了適度的利潤增長、強勁的客户和數字化勢頭以及穩健的環境、社會和治理（ESG）資質，同時公開指出了上升的撥備、較高的運營費用和在不確定的宏觀背景下温和的貸款增長指引。</p>
</div><h2>Net Income and Profitability</h2>
<div class="lb-trans"><h2>淨收入和盈利能力</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>菲律賓銀行報告第一季度淨收入為 169.2 億比索，同比增長 1.7%，環比增長 4.9%，顯示出在日益嚴峻的環境下的韌性。股本回報率為 14.3%，資產回報率為 1.9%，每股收益上升 1.5% 至 3.20 比索，表明儘管信貸成本上升，盈利能力仍在保持。</p>
</div><h2>Strong Revenue Growth</h2>
<div class="lb-trans"><h2>強勁的收入增長</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>總收入同比增長 13.9%，達到 509.2 億比索，主要得益於淨利息收入增長 13.7%，達到 391.5 億比索。交易和外匯收入也提供了顯著的提升，總體上增長 19.5%，其中外匯收入激增 32.6%，幫助抵消了來自更高撥備和費用的壓力。</p>
</div><h2>Loan and Deposit Expansion</h2>
<div class="lb-trans"><h2>貸款和存款擴張</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>該銀行保持了兩位數的資產負債表增長，毛貸款同比增長 13.5%，達到 2.61 萬億比索，存款增長 10.4%，達到 2.84 萬億比索。貸款與總融資比率約為 84%，貸款與存款比率接近 91.95%，顯示出積極的資產部署，同時仍留有一定空間，以防融資限制成為問題。</p>
</div><h2>Margin Performance</h2>
<div class="lb-trans"><h2>利潤率表現</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>淨利息利潤率保持在 4.57%，環比基本穩定，比去年高出七個基點，顯示出菲律賓銀行在競爭和融資變化中捍衞了利差。考慮到撥備的風險調整後淨利息利潤率環比提高了四個基點，達到 3.92%，儘管管理層指出面臨更高信貸成本的壓力。</p>
</div><h2>Retail and Noninstitutional Loan Momentum</h2>
<div class="lb-trans"><h2>零售和非機構貸款勢頭</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>零售和非機構貸款繼續成為增長支柱，餘額同比增長 24.9%，達到 8290 億比索，表明該銀行在深化其消費者業務。中小企業貸款幾乎翻倍，而信用卡、個人貸款和汽車貸款均實現了強勁的兩位數增長，反映出交叉銷售的成功和向高收益領域的有意轉變。</p>
</div><h2>Customer Franchise and Digital/Agency Scale</h2>
<div class="lb-trans"><h2>客户基礎和數字/代理規模</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>菲律賓銀行的客户基礎擴大至 1870 萬，銀行在數字化和合作夥伴分銷方面加大了力度，特別是在服務不足的地區。代理銀行業務現已涵蓋 34 個合作伙伴和超過 7000 家合作商店，超過 1300 個網點處理存款和取款，交易量同比增長超過五倍。</p>
</div><h2>Wealth and Fee Income Highlights</h2>
<div class="lb-trans"><h2>財富和手續費收入亮點</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>財富業務持續擴展，管理資產超過 2 萬億比索，達到 2.03 萬億比索，同比增長 18.4%。手續費收入增長 13.9%，達到 105.4 億比索，得益於卡片、財富、交易銀行的廣泛增長，以及證券經紀和投資銀行收入激增 80.2%。</p>
</div><h2>Capital, Coverage and Liquidity Strength</h2>
<div class="lb-trans"><h2>資本、覆蓋率和流動性強度</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>菲律賓銀行強調其強大的資產負債表防禦，核心一級資本充足率為 13.9%，總資本充足率為 14.8%，核心一級資本同比增長 5.9%，達到 4040 億比索。預期信貸損失覆蓋率提高至 103.5%，總抵押品覆蓋率約為 138%，為投資者提供了信心，儘管不良貸款（NPL）有所上升。</p>
</div><h2>Operational Efficiency and Technology Investments</h2>
<div class="lb-trans"><h2>運營效率和技術投資</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>儘管自 2022 年以來客户基礎翻了一番，該銀行仍將成本收入比保持在 46.2%，突顯出在積極投資數字化的同時，基礎效率依然良好。在三年內，菲律賓銀行執行了 149 個自動化項目，帶來了持續的年度節省和人員優化，同時在欺詐、文檔處理和目標營銷中部署了人工智能和機器人流程自動化。</p>
</div><h2>Sustainability and Market Recognition</h2>
<div class="lb-trans"><h2>可持續性和市場認可</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>在可持續性方面，菲律賓銀行發行了 500 億比索的社會債券，並在其分支網絡中擴大了電動車充電設施，以使貸款與社會和環境目標保持一致。該銀行還獲得了多個 ESG 獎項，並在一個知名的亞太地區企業排名中獲得了最高排名，進一步鞏固了其作為優質菲律賓品牌的地位。</p>
</div><h2>Rising Operating Expenses</h2>
<div class="lb-trans"><h2>上升的運營費用</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>運營費用同比激增 15.8%，達到 235 億比索，人員成本上升 8.2%，技術支出上升 16.5%，其他運營費用上升 25.2%，部分原因是時間和監管相關事項。管理層強調，費用激增的一部分是非經常性的，但投資者將密切關注更新的指引在年內的發佈。</p>
</div><h2>Spike in Provisions and Credit Costs</h2>
<div class="lb-trans"><h2>撥備和信貸成本激增</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>撥備同比激增 83.3%，達到 55 億比索，推動第一季度信貸成本達到 87 個基點，並促使全年預期重置至 90-100 個基點範圍，若情況惡化則可能更高。這種更為防禦性的撥備立場反映了特定機構壓力和管理層對宏觀和地緣政治風險的謹慎態度。</p>
</div><h2>NPL Ratio Increase and Coverage Compression</h2>
<div class="lb-trans"><h2>不良貸款比率上升和覆蓋率壓縮</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>不良貸款上升至 629 億比索，使不良貸款比率升至 2.42%，環比上升 24 個基點，同時壓縮了時點不良貸款覆蓋率至 87.15%。儘管總的預期信貸損失和抵押品覆蓋仍然強勁，但這一變化表明借款人感受到壓力，銀行可能需要在更長時間內維持較高的撥備。</p>
</div><h2>Institutional and SME Asset Quality Pressure</h2>
<div class="lb-trans"><h2>機構和中小企業資產質量壓力</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>資產質量問題集中在部分機構和中小企業的敞口上，機構的不良貸款比率上升至 1.19%，部分賬户，包括一個大型借款人，推動了淨不良貸款的形成。中小企業和微型金融的逾期貸款也環比大幅上升，凸顯出小型企業在當前經濟背景下特別脆弱。</p>
</div><h2>Risk-Adjusted Margin Weakness</h2>
<div class="lb-trans"><h2>風險調整後的利潤率疲軟</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>基於淨不良貸款形成的風險調整後的淨利差在第一季度下降了 42 個基點，降至 3.39%，反映出集中在機構賬户的不良貸款流入過大。該指標突顯出，儘管表面淨利差保持穩定，但在信用損失後的真實經濟回報受到壓力，如果不良貸款形成保持高位，則需要監測。</p>
</div><h2>Fee and Transaction Trends</h2>
<div class="lb-trans"><h2>費用和交易趨勢</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>環比來看，手續費收入下降了 3.1%，管理層將其歸因於典型的第四季度季節性和第一季度日曆較短。ATM 和數字渠道的費用略有下降，因為較高的定價似乎抑制了交易量，這種動態可能會影響銀行在費用上漲與客户使用之間的平衡。</p>
</div><h2>Borrowing Growth and Funding Costs</h2>
<div class="lb-trans"><h2>借款增長和融資成本</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%，因為銀行調整了其融資結構，這一舉措可以支持資產增長，但如果持續下去，可能會對融資成本和利潤率產生影響。活期存款與定期存款比率環比下降 41 個基點至 60.29%，雖然仍然健康，但如果低成本存款的競爭加劇，則需要關注。</p>
</div><h2>Moderated Loan Growth Guidance and Uncertainty</h2>
<div class="lb-trans"><h2>温和的貸款增長指導和不確定性</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>管理層現在預計 2026 年的貸款增長將維持在 10-12% 的温和水平，低於之前的內部目標，降級與全球增長預期疲軟、地區緊張局勢和油價上漲有關。銀行強調，宏觀不確定性和對這些衝擊的撥備敏感性將影響其新貸款的追求力度。</p>
</div><h2>Forward-Looking Guidance and Outlook</h2>
<div class="lb-trans"><h2>前瞻性指導和展望</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>展望未來，BPI 預計貸款增長將保持在低雙位數，同時計劃將信用成本提高到 90-100 個基點範圍，甚至可能更高，反映出更為保守的風險態度。由於第一季度的增長快於預期，運營費用指導正在審查中，但管理層認為資本、流動性和覆蓋水平提供了充足的空間來應對動盪，並預計隨着解決方案的進展，覆蓋比率會有所改善。</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 的財報電話會議描繪了一家依靠強大特許經營、數字規模和穩健資本來抵消更艱難的信用和成本環境的銀行。對於投資者而言，這個故事是穩健核心動能與上升的風險成本和放緩的增長相互制衡，管理層在宏觀和地緣政治不確定性中選擇謹慎而非激進。</p>
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BPI 財報電話會議：核心業務穩健，前景保持謹慎