BDO Unibank · Metrobank (MBT) · BPI | Consolidated comparison through H1 2026 | NIM = net interest income ÷ avg daily earning assets (BSP Circular 1074) | Cost of credit = provision ÷ avg gross loans
Full data table
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 1Q26 ann. | H1 26 ann. |
|---|---|---|---|---|---|---|---|---|---|---|
| BPI | ||||||||||
| NIM | 3.11% | 3.35% | 3.49% | 3.30% | 3.59% | 4.09% | 4.31% | 4.59% | 4.57% | 4.63% |
| Cost of credit | 0.36% | 0.41% | 1.91% | 0.89% | 0.56% | 0.22% | 0.31% | 0.72% | 0.84% | 1.01% |
| NIM–CoC spread | 2.75% | 2.94% | 1.58% | 2.41% | 3.03% | 3.87% | 4.00% | 3.87% | 3.73% | 3.62% |
| BDO Unibank | ||||||||||
| NIM | 3.60% | 4.20% | 4.40% | 4.00% | 4.10% | 4.60% | 4.40% | 4.30% | 4.20% | 4.20% |
| Cost of credit | 0.30% | 0.28% | 1.32% | 0.74% | 0.66% | 0.58% | 0.47% | 0.42% | 0.65% | 0.67% |
| NIM–CoC spread | 3.30% | 3.92% | 3.08% | 3.26% | 3.44% | 4.02% | 3.93% | 3.88% | 3.55% | 3.53% |
| Metrobank (MBT) | ||||||||||
| NIM | 3.80% | 3.80% | 4.00% | 3.40% | 3.56% | 3.90% | 3.77% | 3.64% | 3.74% | 3.74% |
| Cost of credit | 0.56% | 0.70% | 2.95% | 0.93% | 0.60% | 0.60% | 0.38% | 0.63% | 0.68% | 0.73% |
| NIM–CoC spread | 3.24% | 3.10% | 1.05% | 2.47% | 2.96% | 3.30% | 3.39% | 3.01% | 3.06% | 3.01% |
Sources. BDO: 2018 (incl. 2017 comparatives), 2019, 2021, 2023, 2025 AFS. NIM from BSP Circular 1074 supplementary; CoC = impairment losses on loans and receivables ÷ avg gross loans (staging basis). BDO 2018-vs-2017 balance-sheet growth rates confirmed from the 2018 AFS: deposits +14.09%, assets +13.27%, liabilities +13.69%, equity +9.99%, net loans +15.63%, NII +20.23%. Interest income/expense and derived gross yield/cost of funds for 2018–2022 confirmed this revision (previously estimated) from the BDO 2019 AFS (2018–2019), BDO 2021 AFS (2020–2021), and BDO 2023 AFS (2022); every year ties to the already-confirmed NII and NIM figures. MBT: 2018 (incl. 2017 comparatives), 2019, 2021, 2023, 2025 AFS. NIM from BSP Circular 1074 supplementary (2018 confirmed from 2019 AFS summary financial statements at 3.80%; BSP 1074 daily-avg format not yet required in 2019 filing). CoC = provision ÷ avg gross loans (2018 CoC series value retained on the year-end single-period denominator for continuity; the 2018 AFS now supplies the 2017 gross base of ₱1,257,876M, on which a two-period-average denominator would give 0.59% vs the 0.56% shown). MBT 2018-vs-2017 balance-sheet growth rates confirmed from the 2018 AFS: deposits +1.88%, assets +7.85%, liabilities +4.09%, equity +42.44% (₱60B SRO-driven), net loans +9.92%, NII +12.08%. MBT 2020–2021 fully confirmed from 2021 AFS: provision ₱40,760M ÷ avg gross loans ₱1,381,396M = 2.95% (2020); ₱11,834M ÷ ₱1,274,465M = 0.93% (2021); gross loans 2020 ₱1,282,305M and 2021 ₱1,266,624M. Interest income/expense and derived gross yield/cost of funds for 2024–2025 confirmed this revision (previously estimated) from the MBT 2025 AFS; both years tie to the already-confirmed NII and NIM figures. BPI: 2019 AFS (audited, incl. 2018/2017 comparatives — confirms interest income/expense for 2018–2019) + 2021 AFS (confirms 2020–2021) + 2023 AFS (confirms 2022–2023) + 2025 AFS + SEC 17-Q Q1 2026 and H1 2026 (period ended June 30, 2026, filed Aug 6, 2026 — the source for all BPI H1 2026 figures in this dashboard). NIM from BSP Circular 1074 supplementary (all years confirmed except 2018 single-year denominator). CoC = provision ÷ avg gross loans (now consistent with BDO/MBT). Interest income/expense and derived gross yield/cost of funds for 2018–2022 confirmed this revision (previously estimated); every year ties to the already-confirmed NII and NIM figures. All values are now confirmed from AFS filings. 1Q26▲ (annualized): Q1 2026 quarterly figures sourced from SEC Form 17-Q filings (March 31, 2026, unaudited). All Q1 metrics are multiplied by 4 to approximate a full-year run-rate. NIM is taken directly as disclosed (already annualized). Gross loans for 1Q26 denominators estimated as Q1 net loans + prior year-end ECL allowance. Q1 data reflects seasonal patterns (e.g. typically lower provisioning in Q1) and should be interpreted as directional rather than as confirmed full-year forecasts. H126▲ (BPI): now sourced from the BPI SEC Form 17-Q (period ended June 30, 2026), superseding the management accounts used in earlier revisions. NIM (4.63%), ROE, ROA, CAR, CET1 and NPL ratio are disclosed directly; avg daily earning assets of ₱3,457,106M are derived on the same NII ÷ NIM identity used for BDO and MBT. Cost of credit still uses a management-accounts gross-loan denominator at the Jun-26 end (₱2,667,238M) since the 17-Q discloses net loans only. H126▲ (BDO): confirmed in full from SEC Form 17-Q (period ended June 30, 2026), including the balance sheet and MD&A KPI table. CoC denominator uses the balance-sheet net "Loans and Other Receivables" average at both ends (Dec-25 ₱3,694.5B / Jun-26 ₱3,953.2B) — the staging-basis gross is not disclosed in the 17-Q; the gross-basis cross-check (avg of Dec-25 ₱3,653.7B and ≈₱3,946B per MD&A +8% YTD) rounds to the same 0.67%. H126▲ (MBT): confirmed from SEC Form 17-Q (period ended June 30, 2026), including balance sheet and Annex 6 financial indicators (CAR 14.86% / CET1 14.22%); NIM, ROE, ROA disclosed directly (annualized ×2 convention). Average earning assets derived as (NII×2)/NIM. Cost of credit uses average "Loans and Receivables, net" from the balance sheet (Dec 2025 / Jun 2026) as the 17-Q does not disclose a gross-loans-by-stage breakdown; this differs slightly from the gross-loans denominator used for BPI/BDO and should be treated as approximate. No remaining estimates. MBT 2018 NIM sourced from 2019 AFS summary financial statements (3.8% consolidated, rounded; BSP Circular 1074 daily-average format was not yet required in that filing year). All figures consolidated.
Year-on-year change — Q1 2026 vs Q1 2025 & H1 2026 vs H1 2025
BPI prior-year base confirmed from BPI SEC 17-Q Q1 2025 (amended, May 13, 2025) and SEC 17-Q H1 2025 (Aug 11, 2025). BDO prior-year base confirmed from BDO SEC 17-Q Q1 2025 (Apr 25, 2025) and SEC 17-Q H1 2025 (Jul 26, 2025). MBT prior-year base confirmed from MBT SEC 17-Q Q1 2025 (Apr 29, 2025) and SEC 17-Q H1 2025 (Jul 31, 2025) — all previously n/c MBT comparisons are now filled. All three banks' H1 2026 17-Qs are now in the source set in full (BPI filed Aug 6, 2026; BDO Jul 25, 2026; MBT Jul 30, 2026), including balance sheets and KPI/financial-indicator annexes. Every Jun-point YoY comparison on assets, net loans, deposits, liabilities and equity is now confirmed at both ends for all three banks. The only remaining n/c or estimated cells are staging-basis gross loans at Jun-26 (not disclosed in any of the three 17-Qs) and MBT's FY2024/FY2025 gross-loan estimates.
| Metric | Q1 2025 | Q1 2026 | YoY | H1 2025 | H1 2026 | YoY |
|---|---|---|---|---|---|---|
| BPI — P&L (₱M) & ratios, confirmed | ||||||
| Interest income | 50,814 | 57,053 | +12.3% | 103,548 | 115,552 | +11.6% |
| Interest expense | 16,398 | 17,908 | +9.2% | 32,394 | 35,520 | +9.7% |
| Net interest income | 34,416 | 39,146 | +13.7% | 71,154 | 80,032 | +12.5% |
| Impairment losses | 3,000 | 5,500 | +83.3% | 7,250 | 13,337 | +84.0% |
| Other income (net of GRT) | 10,287 | 11,774 | +14.5% | 21,400 | 23,983 | +12.1% |
| Operating expenses | 20,298 | 23,500 | +15.8% | 42,748 | 48,634 | +13.8% |
| Net income (total / attr.) | 16,721 / 16,642 | 17,017 / 16,924 | +1.8% / +1.7% | 33,161 / 32,958 | 33,007 / 32,833 | −0.5% / −0.4% |
| NIM (disclosed) | 4.49% | 4.57% | +8 bps | 4.58% | 4.63% | +5 bps |
| Gross asset yield / EA | 6.63% | 6.66% | +3 bps | 6.67% | 6.68% | +1 bp |
| Cost of funds / EA | 2.14% | 2.09% | −5 bps | 2.09% | 2.05% | −4 bps |
| Cost of credit | ~0.53% | 0.84% | ~+31 bps | ~0.64% | 1.01% | ~+37 bps |
| NIAT / EA (attributable) | 2.17% | 1.98% | −19 bps | 2.12% | 1.90% | −22 bps |
| Avg earning assets (₱M) | 3,066,032 | 3,426,328 | +11.8% | 3,107,161 | 3,457,106 | +11.3% |
| ROE / ROA (disclosed) | 15.35% / 2.05% | 14.25% / 1.87% | −110 / −18 bps | 14.93% / 2.01% | 13.78% / 1.80% | −115 / −21 bps |
| CAR / NPL ratio | 15.43% / 2.26% | 14.94% / 2.42% | −49 / +16 bps | 15.25% / 2.25% | 14.78%† / 2.42% | −47 / +17 bps |
| CET1 ratio (disclosed) | — | — | n/c | 14.45% | 13.97% | −48 bps |
| Total assets (₱M, period-end) | 3,279,839 | 3,704,842 | +13.0% | 3,399,415 | 3,727,408 | +9.7% |
| Net loans (₱M, period-end) | 2,252,025 | 2,554,004 | +13.4% | 2,322,346 | 2,604,568 | +12.2% |
| Gross loans (₱M, period-end) | — | — | n/c | ~2,376,448 | ~2,667,238 | ~+12.2% |
| Total liabilities (₱M, period-end) | 2,828,906 | 3,223,038† | +13.9% | 2,943,687 | 3,242,622 | +10.2% |
| Total deposits (₱M, period-end) | 2,576,348 | 2,843,606 | +10.4% | 2,611,638 | 2,850,986 | +9.2% |
| Total equity (₱M, period-end) | 450,932 | 481,804 | +6.8% | 455,728 | 484,787 | +6.4% |
| Q2 standalone YoY (₱M) | Q2 2025 → Q2 2026 (confirmed both ends, H1 2026 17-Q quarterly column): NII 36,738 → 40,886 = +11.3%; impairment 4,250 → 7,837 = +84.4%; other income 11,113 → 12,209 = +9.9%; opex 22,450 → 25,133 = +12.0%; net income 16,440 → 15,991 = −2.7% total / 16,316 → 15,909 = −2.5% attr. (matches MD&A) | |||||
| BDO Unibank — P&L (₱M) & ratios, confirmed (Q1 2025 & H1 2025 17-Qs) | ||||||
| Interest income | 69,727 | 77,455 | +11.1% | 141,982 | 159,611 | +12.4% |
| Interest expense | 21,971 | 24,426 | +11.2% | 43,848 | 51,100 | +16.5% |
| Net interest income | 47,756 | 53,029 | +11.0% | 98,134 | 108,511 | +10.6% |
| Impairment — financial assets | 2,855 | 6,067 | +112.5% | 7,058 | 12,599 | +78.5% |
| Impairment — total (incl. non-fin.) | 3,029 | 6,148 | +103.0% | 7,247 | 12,765 | +76.1% |
| Other op. income (incl. insurance) | 20,280 | 21,893 | +8.0% | 41,865 | 43,912 | +4.9% |
| Operating expenses | 40,858 | 43,448 | +6.3% | 82,360 | 88,048 | +6.9% |
| Net income (total / attr.) | 19,772 / 19,704 | 20,182 / 20,112 | +2.1% | 40,757 / 40,615 | 40,850 / 40,723 | +0.2% / +0.3% |
| NIM (disclosed) | 4.31% | 4.20% | −11 bps | 4.30% | 4.20% | −10 bps |
| Gross asset yield / EA | 6.29% | 6.14% | −15 bps | 6.22% | 6.18% | −4 bps |
| Cost of funds / EA | 1.98% | 1.94% | −4 bps | 1.92% | 1.98% | +6 bps |
| Cost of credit | ~0.35% | 0.65% | ~+30 bps | ~0.43% | 0.67% | ~+24 bps |
| NIAT / EA | 1.78% | 1.59% | −19 bps | 1.78% | 1.58% | −20 bps |
| Avg earning assets (₱M) | 4,432,111 | 5,050,381 | +13.9% | 4,564,372 | 5,167,667 | +13.2% |
| ROE / ROA (disclosed) | 13.77% / 1.64% | 12.76% / 1.47% | −101 / −17 bps | 13.92% / 1.64% | 12.72% / 1.45% | −120 / −19 bps |
| CAR | 15.53% | 14.43% | −110 bps | 15.43% | 14.22% | −121 bps |
| Total assets (₱M, period-end) | 4,904,110 | 5,714,829 | +16.5% | 5,126,566 | 5,904,542 | +15.2% |
| Net loans (₱M, period-end) | 3,314,252 | 3,791,145 | +14.4% | 3,475,773 | 3,953,170 | +13.7% |
| Gross loans (₱M, period-end) | — | — | n/c | ~3,400,000 | ~3,946,000 | ~+16.1% |
| Total liabilities (₱M, period-end) | 4,309,236 | 5,069,132† | +17.6% | 4,515,391 | 5,248,640 | +16.2% |
| Total deposits (₱M, period-end) | 3,846,496 | 4,428,481 | +15.1% | 4,029,937 | 4,566,089 | +13.3% |
| Total equity (₱M, period-end) | 594,874 | 645,697 | +8.5% | 611,175 | 655,902 | +7.3% |
| Metrobank (MBT) — P&L (₱M) & ratios, confirmed (Q1 2025 & H1 2025 17-Qs) | ||||||
| Interest income | 45,086 | 47,906 | +6.3% | 90,120 | 97,902 | +8.6% |
| Interest expense | 15,711 | 14,545 | −7.4% | 30,084 | 30,161 | +0.3% |
| Net interest income | 29,375 | 33,361 | +13.6% | 60,036 | 67,741 | +12.8% |
| Provision for credit losses | 2,608 | 3,374 | +29.4% | 5,882 | 7,459 | +26.8% |
| Other income | 8,681 | 7,144 | −17.7% | 17,587 | 13,895 | −21.0% |
| Operating expenses | 19,253 | 21,145 | +9.8% | 38,553 | 42,444 | +10.1% |
| Net income (total / attr.) | 12,513 / 12,253 | 12,811* / 12,603 | +2.4%* / +2.9% | 25,333 / 24,846 | 25,212 / 24,902 | −0.5% / +0.2% |
| NIM (disclosed) | 3.62% | 3.74% | +12 bps | 3.73% | 3.74% | +1 bp |
| Gross asset yield / EA | 5.56% | 5.37% | −19 bps | 5.60% | 5.41% | −19 bps |
| Cost of funds / EA | 1.94% | 1.63% | −31 bps | 1.87% | 1.67% | −20 bps |
| Cost of credit | ~0.57% | 0.68% | ~+11 bps | ~0.64% | 0.73% | ~+9 bps |
| NIAT / EA | 1.54% | 1.44% | −10 bps | 1.57% | 1.39% | −18 bps |
| Avg earning assets (₱M) | 3,245,856 | 3,568,021 | +9.9% | 3,219,088 | 3,622,513 | +12.5% |
| ROE / ROA (disclosed) | 12.85% / 1.40% | 12.32% / 1.32% | −53 / −8 bps | 12.80% / 1.42% | 11.98% / 1.28% | −82 / −14 bps |
| NPL ratio | 1.60% | 1.75% | +15 bps | 1.54% | 1.81% | +27 bps |
| CAR / CET1 (disclosed) | — | 14.87% / — | n/c | 16.30% / 15.57% | 14.86% / 14.22% | −144 / −135 bps |
| Total assets (₱M, period-end) | 3,475,193 | 3,764,470 | +8.3% | 3,477,460 | 3,917,931 | +12.7% |
| Net loans (₱M, period-end) | 1,827,266 | 2,004,970 | +9.7% | 1,845,424 | 2,093,469 | +13.4% |
| Total liabilities (₱M, period-end) | 3,086,856 | 3,357,519† | +8.8% | 3,075,463 | 3,497,630 | +13.7% |
| Total deposits (₱M, period-end) | 2,232,893 | 2,634,140 | +18.0% | 2,345,628 | 2,589,277 | +10.4% |
| Total equity (₱M, period-end) | 388,337 | 406,951 | +4.8% | 401,997 | 420,301 | +4.6% |
| Q2 standalone YoY (₱M) | Q2 2025 → Q2 2026 (confirmed both ends): NII 30,661 → 34,380 = +12.1%; provision 3,274 → 4,085 = +24.8%; other income 8,906 → 6,751 = −24.2%; NIAT 12,593 → 12,299 = −2.3% (all match MBT MD&A) | |||||
BPI YoY notes — restated this revision from the BPI H1 2026 SEC Form 17-Q (period ended June 30, 2026, filed Aug 6, 2026), which replaces the management-accounts basis previously used. Three corrections follow from the filing: (1) NIM and earning assets. BPI's disclosed H1 2026 NIM is 4.63%, not 4.54% — BPI's margin expanded 5 bps YoY rather than contracting. Avg daily EA on the standard NII ÷ NIM identity is ₱3,457,106M (not ₱3,528,756M), growing +11.3% over the confirmed H1 2025 base of ₱3,107,161M and matching BPI's own MD&A ("11.3% growth in average earning assets"). Identity check: 6.68% − 2.05% = 4.63% ✓. Every BPI H1 2026 /EA ratio in this dashboard is restated accordingly: yield 6.55% → 6.68%, cost of funds 2.01% → 2.05%, non-int income/EA 1.36% → 1.39%, OpEx/EA 2.76% → 2.81%, NIAT/EA 1.86% → 1.90%, NIM–CoC spread 3.53% → 3.62%. BPI therefore keeps a 9-bp spread advantage over BDO, rather than sitting at parity. (2) Total vs attributable net income. H1 2026 total net income is ₱33,007M, attributable ₱32,833M, NCI ₱174M — the prior file used ₱32,833M as both. Confirmed YoY: −0.5% total, −0.4% attributable. (3) Q2 2026 net income. The prior derived figure (₱15,816M) subtracted Q1 total from H1 attributable. Correct, now disclosed: ₱15,991M total / ₱15,909M attributable — Q2 YoY −2.7% / −2.5% (not −3.8%) and Q1→Q2 QoQ −6.0% (not −7.1%). All other derived Q2 lines are confirmed exactly. Read-through unchanged in substance, sharper in attribution: the provision step-up is uniform across periods (+83–84% in Q1, Q2 and H1) — a sustained regime change, not a one-quarter event. Pre-provision operating profit rose +11.2% YoY (₱49.8B → ₱55.4B H1) on the strongest revenue momentum in the peer group, yet the bottom line still fell: the ₱6.1B provision increase absorbed 109% of the pre-provision gain. With NIM now known to have expanded, credit cost is the entire earnings delta. ~Prior-year CoC uses net-loan denominators (staging-basis gross not disclosed in the 2025 17-Qs), which slightly overstates the 2025 base — true YoY deterioration marginally larger than shown. Jun-26 gross loans (₱2,667,238M) remain management-accounts-derived: the 17-Q discloses net loans & advances only (₱2,604,568M, implying an ECL allowance of ₱62,670M vs ₱56,734M at Dec-25). The net-basis Jun-point loan YoY of +12.2% is the confirmed like-for-like read. †Mar-26 liabilities derived by accounting identity (assets ₱3,704,842M − equity ₱481,804M); Mar-25, Jun-25 and the entire Jun-26 column are direct 17-Q figures. Jun-25 equity (₱455,728M) is independently corroborated by the H1 2026 17-Q's statement of changes in capital funds. Jun-25 gross loans estimated as net ₱2,322,346M + Dec-24 ECL allowance ₱54,102M. BPI's H1 2026 CAR of 14.78% is disclosed as indicative. Funding and balance-sheet note: BPI's H1 balance-sheet growth decelerated sharply — net loans +1.5% YTD and deposits +0.4% YTD — with asset growth funded largely through Other Borrowed Funds (+26.6% to ₱282.8B, on BSP Discount Facility availments and bond issuance) rather than deposits. Accumulated other comprehensive loss widened from ₱10.6B to ₱24.2B on FVOCI marks, cutting total comprehensive income to ₱19.2B (−43.0% YoY) despite near-flat net income. Dividends declared ₱13.7B (₱2.58/share, paid Jun 18, 2026) vs ₱11.0B in H1 2025. These BPI YoY points are now plotted on the Loan / Earning Assets / Asset / Liabilities / Capital Growth chart tabs at both the 1Q26▲ and H126▲ positions — all confirmed, no remaining blanks or estimated points for BPI apart from the gross-loan series.
BDO YoY notes. Prior-year base confirmed from BDO SEC 17-Q Q1 2025 and 17-Q H1 2025 (previously n/c). H1 2026 NII confirmed at ₱108,511M (reconciles exactly: 159,611 − 51,100), superseding an erroneous ₱106,058M in an earlier data-file revision. Q2 2026 standalone (derived H1 − Q1) vs confirmed Q2 2025: NII ₱50,378M → ₱55,482M = +10.1%, provision ₱4,203M → ₱6,532M = +55.4% (financial-assets basis, both ends now directly disclosed; total basis ₱4,218M → ₱6,617M = +56.9%), net income ₱20,985M → ₱20,668M = −1.5% — like BPI, the bottom-line pressure is provision-led, but at roughly two-thirds of BPI's H1 CoC (0.67% vs 1.01%). Pre-provision operating profit +8.1% YoY (H1, derived NII basis) was almost fully absorbed by the ₱5.5B provision step-up, leaving net income flat (+0.2%). Impairment basis corrected this revision: the H1 2026 17-Q splits the charge into financial assets ₱12,599M (Q1 ₱6,067M / Q2 ₱6,532M) and total ₱12,765M (Q1 ₱6,148M / Q2 ₱6,617M) — the prior YoY readings (+115.3% Q1 / +80.9% H1 / +57.4% Q2) mixed a financial-assets 2025 base with total-basis 2026 figures. CoC values (0.65% Q1 / 0.67% H1) are unaffected: computed on the total basis at both ends. 2025 avg EA derived by the standard identity: Q1 = (47,756×4) ÷ 4.31% = ₱4,432,111M (6.29 − 1.98 = 4.31 ✓); H1 = (98,134×2) ÷ 4.30% = ₱4,564,372M (6.22 − 1.92 = 4.30 ✓). Q1 2026 EA uses (53,029×4) ÷ 4.20% = ₱5,050,381M on the same identity basis for a clean YoY. ~Prior-year CoC uses approximate gross customer loan bases from BDO's own MD&A (Mar-25 ≈ ₱3.3T, Jun-25 ≈ ₱3.4T; Dec-24 confirmed ₱3,225,230M). †Mar-26 liabilities derived by accounting identity (assets − equity); all other balance-sheet figures — including the entire Jun-26 column — are direct 17-Q figures (Jun-26 confirmed this revision from the H1 2026 17-Q balance sheet: assets ₱5,904.5B, net loans & other receivables ₱3,953.2B, deposits ₱4,566.1B, liabilities ₱5,248.6B, equity ₱655.9B total incl. NCI of −₱12M — NCI swung negative on the 70% Dominion Holdings sale completed Mar 16, 2026 and the ₱5.9B BDO Network Bank minority buyout of Jun 11, 2026, 85.91% → 99.93%; attributable equity ₱655.9B, +7.8% YoY). The ₱3,953.2B previously shown in the gross-loans row is the balance sheet's net Loans and Other Receivables line — reclassified this revision; Jun-26 staging-basis gross is not disclosed (≈₱3,946B est. from MD&A's +8% YTD off the confirmed Dec-25 gross ₱3,653.7B), so the gross-loan YoY (~+16.1%) stays directional while the net-basis +13.7% is confirmed at both ends. Equity YoY is on the total-equity-including-NCI basis at both ends. H1 2026 KPIs from the 17-Q MD&A: ROE 12.72%, ROA 1.45%, CAR 14.22%, EPS ₱7.56. Deposit-mix driver of the +16.5% interest-expense growth: time deposits ₱1,142,697M (Mar-25) → ₱1,265,172M (Jun-25) and rising through 2026, growing well ahead of CASA.
MBT YoY notes. Prior-year base confirmed from MBT SEC 17-Q Q1 2025 (Apr 29, 2025) and 17-Q H1 2025 (Jul 31, 2025) — all previously n/c MBT comparisons now filled. *Q1 2026 total net income (₱12,811M) derived as H1 2026 total ₱25,212M − Q2 2026 total ₱12,401M; attributable figures are direct. NIAT/EA rows use total net income at both ends for consistency with the H1 convention (Q1 2026 = (12,811×4)÷3,568,021 = 1.44%; the 1.41% shown in the metrics table above uses attributable NIAT). 2025 avg EA derived by the standard identity: Q1 = (29,375×4) ÷ 3.62% = ₱3,245,856M (5.56 − 1.94 = 3.62 ✓); H1 = (60,036×2) ÷ 3.73% = ₱3,219,088M (5.60 − 1.87 = 3.73 ✓). ~2025 CoC comparatives use average net-loan denominators (Q1: ₱1,821,638M; H1: ₱1,830,717M — Dec-24 ₱1,816,010M paired with Mar-25/Jun-25), consistent with MBT's H1 2026 CoC convention (no gross staging disclosure in the 17-Qs); approximate vs BPI/BDO's gross basis. †Mar-26 liabilities derived by accounting identity (assets ₱3,764,470M − equity ₱406,951M); Mar-25/Jun-25/Jun-26 direct 17-Q figures — Jun-26 liabilities (₱3,497.6B) and equity (₱420.3B total; attributable ₱409.7B, +4.9% YoY) confirmed this revision from the H1 2026 17-Q, along with CAR 14.86% / CET1 14.22% (Annex 6). MBT equity fell −2.7% vs Dec-25 on the ₱22.5B dividend and a ₱15.5B negative FVOCI swing (net unrealized loss −₱1.5B → −₱17.0B). The +18.0% Mar-point deposit YoY is inflated by a depressed Mar-25 base: MBT deposits fell −13.25% in Q1 2025 (₱2,573.9B Dec-24 → ₱2,232.9B Mar-25) on a deliberate ₱290B time-deposit runoff replaced with SSURA funding (Bills Payable/SSURA +102% in the quarter); the Jun-point +10.4% is the cleaner read. Same-period YoY (+10.4%) and sequential YTD (−2.7% vs Dec-25) point in opposite directions for the Jun-26 deposit balance because of this 2025 intra-year trough. Read-through: MBT posts the largest NIM expansion of the three (+12 bps Q1, +1 bp H1 — BPI also expanded, +8 bps Q1 / +5 bps H1, once its 17-Q-disclosed 4.63% NIM is used; BDO alone contracted) and the sharpest fall in cost of funds (−31 bps Q1); its provision step-up (+26.8% H1) is a third of BPI's (+84.0%) and BDO's (+78.5%, financial-assets basis). The flat bottom line (+0.2% H1) is driven by the −21.0% drop in other income (trading/FX and ROPA gains vs a strong H1 2025 base) plus +10.1% opex — a revenue-mix issue, not a credit one. Equity growth (+4.8% Mar-point / +4.6% Jun-point, slowest of the three, after the ₱22.5B dividend) lagging asset growth (+8.3% / +12.7%) is consistent with CAR declining from 16.30% (Jun-25) to 14.87% (Mar-26) and 14.86% (Jun-26; CET1 15.57% → 14.22%).
Additional metrics — as % of average daily earning assets
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 1Q26 ann. | H1 26 ann. |
|---|---|---|---|---|---|---|---|---|---|---|
| BPI | ||||||||||
| Non-interest income / EA | 1.26% | 1.44% | 1.43% | 1.32% | 1.41% | 1.33% | 1.44% | 1.47% | 1.37% | 1.39% |
| Operating expenses / EA | 2.43% | 2.54% | 2.33% | 2.41% | 2.45% | 2.71% | 2.83% | 2.86% | 2.74% | 2.81% |
| NIAT / EA | 1.30% | 1.48% | 1.05% | 1.14% | 1.68% | 2.03% | 2.10% | 2.07% | 1.98% | 1.90% |
| BDO Unibank | ||||||||||
| Non-interest income / EA | 1.94% | 2.11% | 1.82% | 1.87% | 1.97% | 1.91% | 1.83% | 1.79% | 1.73% | 1.70% |
| Operating expenses / EA | ~3.85% | 4.02% | 3.71% | 3.65% | 3.60% | 3.48% | 3.46% | 3.50% | 3.44% | 3.41% |
| NIAT / EA | ~1.20% | ~1.50% | ~0.93% | 1.30% | 1.57% | 1.96% | 1.93% | 1.85% | 1.59% | 1.58% |
| Metrobank (MBT) | ||||||||||
| Non-interest income / EA | 1.26% | 1.43% | 1.63% | 1.17% | 1.14% | 1.06% | 0.97% | 0.95% | 0.80% | 0.77% |
| Operating expenses / EA | 2.96% | 2.86% | 2.79% | 2.69% | 2.54% | 2.58% | 2.55% | 2.33% | 2.37% | 2.34% |
| NIAT / EA | 1.29% | 1.43% | 0.65% | 1.01% | 1.39% | 1.60% | 1.63% | 1.48% | 1.41% | 1.39% |
Denominators: Average daily earning assets derived as NII ÷ NIM for each year (exact inverse of the NIM formula; NIM is sourced from each bank's BSP Circular 1074 supplementary disclosure). This is the same denominator each bank uses in disclosing NIM, ensuring full consistency. 1Q26 uses annualized NII ÷ reported NIM. MBT 2020 is now confirmed from the 2021 AFS: NII ₱86,107M, NIM 4.0% (EA ₱2,152,675M), other operating income ₱35,129M, OpEx ₱60,120M, net income ₱13,974M. The elevated 2020 non-interest income reflects ₱14.7B of trading/disposal gains (amortized-cost portfolio business-model change). MBT 2021 non-interest income restated to the income-statement "other operating income" basis (₱25,831M → 1.17%, previously 1.20% on the summary-table basis inclusive of equity-method share) for cross-year consistency. Non-interest income: BPI = other income per income statement. MBT = other operating income per income statement. BDO = other operating income + net income attributable to insurance operations (2023–2025 basis); 2018–2022 includes gross insurance premiums (older presentation). OpEx: All banks exclude provision for credit losses. BDO 2018 is approximated from segment data; BDO 2023 reflects 2025 AFS restated basis (excl. gross insurance policy reserves vs. 2023 AFS gross basis). NIAT: Attributable to equity holders/shareholders of the parent bank for BPI and BDO. BDO 2018–2020 from financial highlights (approximate); 2021–2025 from EPS note. MBT 2020 estimated. BPI all confirmed from AFS and, for H1 2026, from the 17-Q (attributable ₱32,833M of ₱33,007M total — on a total-net-income basis BPI H1 2026 would read 1.91% rather than 1.90%). Note the residual basis inconsistency: MBT's H1 2026 figure (1.39%) uses total net income; on the attributable basis it would be 1.37%.
Interest income & expense — as % of avg daily earning assets (gross yield & cost of funds)
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 1Q26 ann. | H1 26 ann. |
|---|---|---|---|---|---|---|---|---|---|---|
| BPI | ||||||||||
| Gross asset yield (int. income / EA) | 4.47% | 5.16% | 4.65% | 4.01% | 4.36% | 5.71% | 6.42% | 6.68% | 6.66% | 6.68% |
| Cost of funds (int. expense / EA) | 1.36% | 1.81% | 1.16% | 0.71% | 0.77% | 1.62% | 2.11% | 2.09% | 2.09% | 2.05% |
| BDO Unibank | ||||||||||
| Gross asset yield (int. income / EA) | 4.73% | 5.63% | 5.17% | 4.41% | 4.65% | 6.11% | 6.34% | 6.22% | 6.14% | 6.18% |
| Cost of funds (int. expense / EA) | 1.13% | 1.42% | 0.77% | 0.41% | 0.55% | 1.51% | 1.94% | 1.92% | 1.94% | 1.98% |
| Metrobank (MBT) | ||||||||||
| Gross asset yield (int. income / EA) | 5.37% | 5.73% | 5.01% | 3.95% | 4.26% | 5.71% | 5.87% | 5.43% | 5.37% | 5.41% |
| Cost of funds (int. expense / EA) | 1.57% | 1.93% | 1.01% | 0.55% | 0.70% | 1.81% | 2.10% | 1.79% | 1.63% | 1.67% |
Gross asset yield = total interest income ÷ avg daily earning assets = NIM + cost of funds. Cost of funds = total interest expense ÷ avg daily earning assets. BPI 2018–2025 and MBT 2018–2023: interest income and expense sourced directly from AFS income statements. BPI 2018–2019 confirmed from the BPI 2019 AFS (consolidated statements of income, three-year comparative); BPI 2020–2021 confirmed from the BPI 2021 AFS; BPI 2022 confirmed from the BPI 2023 AFS (all public filings from BPI's investor relations site). Every year reconciles exactly: interest income minus interest expense reproduces the already-confirmed NII to the peso, and yield minus cost reproduces BPI's own disclosed NIM, for all five years. No BPI interest income/expense figures remain estimated. BPI H1 26 corrected this revision to 6.68% / 2.05% (previously 6.55% / 2.01%): the BPI H1 2026 17-Q discloses a NIM of 4.63%, giving an identity-derived avg daily EA of ₱3,457,106M rather than the ₱3,528,756M two-point period-end average previously used (identity 6.68 − 2.05 = 4.63 ✓). BPI's gross asset yield is therefore flat vs FY 2025, not falling. BPI 1Q26 is 6.66% / 2.09% on the Q1-specific avg EA of ₱3,426,328M (identity 6.66 − 2.09 = 4.57 ✓). BPI Q1/H1 2025 comparatives (YoY section above) confirmed directly from BPI SEC 17-Q filings. BDO H1 26 non-interest income / EA corrected to 1.70% (previously 1.53%, which excluded insurance income contrary to the stated BDO NoII basis; 43,912 × 2 ÷ 5,167,667 = 1.70%). BDO 2018–2019: confirmed from the BDO 2019 AFS (consolidated statements of income, three-year comparative). BDO 2020–2021: confirmed from the BDO 2021 AFS (both uploaded source PDFs). BDO 2022: confirmed from the BDO 2023 AFS (public filing from bdo.com.ph; the 2022 figures — interest income ₱169,071M, interest expense ₱19,839M — were the only pairing that reconciled against the already-confirmed 2022 NII of ₱149,232M, since the raw table extraction had a column-order ambiguity). Every year 2018–2022 reconciles exactly to the confirmed NII and NIM; no BDO interest income/expense figures remain estimated for those years. BDO 2023/2024: derived from Note 11 (loans int. income) + estimated non-loan income. BDO 2025: estimated from Q1 run-rate. BDO H1 2026: annualized from SEC Form 17-Q (6-month period ended June 30, 2026, full filing incl. balance sheet); NIM sourced from MD&A; CoC = total impairment losses (₱12,765M; financial-assets ₱12,599M) ÷ average balance-sheet net loans & other receivables (staging-basis gross not disclosed; gross-basis check rounds to the same 0.67%). MBT 2020: confirmed from 2021 AFS income statement (int. income ₱107,787M, int. expense ₱21,680M; identity check 5.01% − 1.01% = 4.00% NIM ✓). MBT 2024–2025: confirmed from the MBT 2025 AFS (consolidated statements of income, three-year comparative — int. income ₱177,664M/₱186,039M, int. expense ₱63,549M/₱61,411M; identity checks 5.87% − 2.10% = 3.77% and 5.43% − 1.79% = 3.64% ✓), superseding the prior estimate derived from adjacent-year data and a Q1 2026 run-rate. No MBT interest income/expense figures remain estimated for 2018–2025. Open circles (◯) in chart = estimated values. Triangles (▲) = annualized (1Q or H1 basis).