In its October issue, the publication noted that BPI made a P5.2 billion profit last year, equivalent to a 10.3 percent return on equity (ROE) and a 1.3 percent return on assets (ROA).
"The reason for this sterling performance was the bank’s ability to keep its non-performing loan (NPL) percentages in low double figures rather than the high teens of most of its competitors," the New York-based publication said.
BPI reduced its workforce by five percent and its operating expense by four percent in that period. On the other hand, it was able to infuse considerable amounts of investments in technology.
Global Finance observed that the current year is relatively tranquil, but the world’s banks are not spared the difficulties that for the most part trade their origins in the past few years.
In a statement, BPI said that the winners of this year’s best bank awards are those that emerged from the storm strong and stable, the sort of financial institutions that corporations around the world would most likely want to do business with.
There are two factors used in the selection process: the quantitatively objective and the informed subjective. The first involves growth, profitability, geographic reach, innovation in products and business development, and strategic relationship. The second relied on opinions of equity and credit rating analysts, and banking consultants.
The publication selects the best bank each year in all countries of Europe, Asia, North America and Latin America, and the Middle East and Africa.
Apart from BPI, the other banks noted were: Australia and New Zealand Banking Group, Australia; Industrial and Commercial Bank of China, People‚s Republic of China; HSBC, Hong Kong; ICICI Bank, India; Bank Mandiri, Indonesia; Mitsubishi Tokyo Financial Group, Japan; Public Bank, Malaysia; National Bank of Pakistan, Pakistan; Development Bank of Singapore, Singapore; Shinhan Bank, South Korea; Commercial Bank of Ceylon, Sri Lanka; Chinatrust Commercial Bank, Taiwan; and Bangkok Bank, Thailand.