MANILA, Philippines (Updated, March 28, 2019) — BDO Unibank Inc. on Tuesday reported 17 percent growth in its net income in 2018 on the back of “strong” recurring earnings from its core businesses.
In a disclosure to the stock exchange, the Sy-led lender said profit reached a "record” P32.7 billion last year from P28.1 billion in 2017.
BDO’s 2018 net income exceeded the bank’s P31 billion guidance for the entire year. BDO also became the first Philippine bank to breach the P3-trillion mark in total assets.
BDO said “solid” growth in its core lending and deposit-taking businesses drove the bank’s performance last year.
“BDO is well-positioned to take advantage of market opportunities and strengthen its leadership position in the industry by leveraging on its strong business franchise and extensive distribution network,” the company said.
BDO ranked as the country’s largest bank in terms of total assets, loans, deposits and trust funds as of end-2018.
Shares in BDO were up 1.55 percent on Tuesday. — Ian Nicolas Cigaral