As for PSE:JFC, second quarter 2022 earnings were released at EPS: P2.31 (vs. P0.

89 in
2Q 2021). The following are the growth results through quarter-on-quarter (QoQ) comparison
(second quarter 2022 results): EPS: P2.31 (up from P0.89 in 2Q 2021), Revenue: P52.1b (up
42% from 2Q 2021), Net income: P2.79b (up 186% from 2Q 2021), Profit margin: 5.4% (up
from 2.7% in 2Q 2021). Over the next year, revenue is forecast to grow 18%, compared to a 32%
growth forecast for the industry in the Philippines. Over the last 3 years, on average, earnings per
share have increased by 11% per year, but the company’s share price has fallen by 1% per year,
which means it is significantly lagging earnings. Moving forward to BPI, the country’s third-
largest bank by assets, it said that its total loans stood at P1.6 trillion, up 15.4 percent year-on-
year, led by growth in the credit card, corporate/SME, and auto portfolios of 29.1 percent, 16.4
percent, and 12.1 percent, respectively. Total deposits expanded to P2 trillion, up 13.2 percent
year on year (YoY) while CASA increased 7.5 percent. The CASA ratio stood at 76.1 percent
and the loan-to-deposit ratio at 78.7 percent as of the end of September 2022. Total assets
reached P2.5 trillion, reflecting an 11.8 percent growth year-on-year. Total equity stood at
P313.4 billion, with an indicative Common Equity Tier 1 Ratio of 15.9 percent and a Capital
Adequacy Ratio of 16.8 percent, both above regulatory requirements. Taking account of this
positive growth, the group decided to retain these stocks since this might leverage up their
portfolio value considering that these investments have an upward trend.