BDO profit climbs to P18.5 billion in Q1
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MANILA, Philippines — The net income of BDO Unibank Inc. rose by 12.2 percent to P18.5 billion in the first quarter from P16.5 billion in the same period last year on the back of sustained growth across its core businesses.
This translated to an annualized return on common equity of 14.3 percent in the first quarter, the lender said in a disclosure to the local bourse.
“BDO’s mission to ‘be the preferred bank in every market it serves’ anchors its business philosophy of pursuing long-term growth and profitability, while sustaining market leadership backed by a strong balance sheet and diversified business franchise,” the bank said.
The country’s largest lender, owned by the family of the late retail and banking magnate Henry Sy, reported a 13-percent increase in net interest income. This came as gross customer loans grew by 13 percent in the first quarter.
Likewise, the listed bank recorded an 11-percent increase in non-interest income, bolstered by the steady growth of fee-based, treasury and foreign exchange businesses as well as recovery in life insurance premiums.
Despite the increase in customer loans, the bank managed to improve its non-performing loan (NPL) ratio to 1.88 percent from January to March compared to 1.98 percent in the same period last year.
The bank’s NPL coverage ratio rose to 181 percent from 170 percent.
BDO’s deposit base also expanded by 13 percent in the first quarter, supported by low-cost current account savings account.
“Common equity increased by 12 percent on continued profitable operations. Book value per share improved by 12 percent year-on-year to P99.23,” the bank added.
BDO has the country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,500 ATMs nationwide. It also has 16 international offices in Asia, Europe, North America and the Middle East.
The bank booked a 28.5-percent jump in earnings to a record-high P73.41 billion in 2023.
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