BDO continues to open more branches

MANILA, Philippines — BDO Unibank Inc. continues to open more branches, particularly in highly urbanized municipalities to complement digital channels and meet the growing demand for banking solutions by families and businesses.

The country’s largest bank said the new branch in the newly opened SM City Tanza would help serve middle- to high-income communities.

The new branch will also assist various locators or businesses in the nearby economic zones with the banking solutions they need for their expansion and day-to-day operations.

“Through our integrated physical branch and digital banking services, we hope to address the distinct needs of the customers – from growing their funds and investments to expanding their business, and securing their future,” BDO said in a statement.

The listed bank now has 1,191 branches nationwide, including 46 branches in Cavite.

BDO said its partnership with SM plays a significant role in its objective to serve the customers, whether in key cities or in provinces.

“Every time SM opens a new mall, BDO branch is there as well for the customers. We can be a one-stop shop where clients can transact with the bank and leisurely enjoy the mall after that,” it said.

The earnings of BDO went up by 12 percent to P23.9 billion in the first half from P21.4 billion in the same period last year on the back of strong results across the bank’s core businesses.

The Sy family-led bank reported an eight percent rise in net interest income to P69.4 billion from an expansion in earnings assets and an improvement in funding cost. Likewise, other income went up by 15 percent to P34.3 billion.

BDO reported a six percent increase in operating expenses to P64.5 billion from P60.95 billion as employee benefits rose by 10 percent primarily owing to salary increases as well as the 12 percent rise in occupancy expenses.

Despite the improvement in the non-performing loan (NPL) ratio to 2.39 percent from 3.12 percent, the bank reported a 21 percent increase in the provision for impairment to P8.2 billion in end June this year from P6.8 billion in end June last year.