BDO Unibank Inc. (BDO), the country’s largest lender, said Monday its net income climbed 12 percent in the first half of 2024 from a year ago on the back of continued growth from core businesses.
First-half net earnings reached P39.4 billion, up from P35.19 billion in the same period last year, the bank said in a stock exchange filing.
It said second-quarter net income amounted to P20.9 billion, or 11.8 percent higher than P18.69 billion a year ago.
BDO said annualized return on common equity (ROCE) improved to 15.8 percent in the second quarter from 14.3 percent in the first quarter.
Gross customer loans expanded 13 percent across all market segments even as interest rates remained high while total deposits rose 13 percent.
BDO’s current account savings account (CASA) ratio stood at 69 percent.
Non-interest income grew 13 percent, supported by healthy growth in fee income, treasury and the continued recovery in life insurance premiums, BDO said.
The bank said that despite elevated interest rates, asset quality remained stable.
Non-performing loan ratio (NPL) settled at 2.06 percent, while NPL coverage stood at 169 percent, higher than the industry average.
“Shareholders’ equity strengthened 12 percent on profitable operations, with book value per share expanding 12 percent year-on-year to P102.22,” the bank said.
BDO last week raised P55.7 billion from the issuance of its third ASEAN sustainability bonds, which would finance and/or refinance eligible projects to support the country’s sustainable development.
Given its first-half performance, the bank is on track to deliver another record profit for 2024.
“BDO’s robust business franchise and strong balance sheet place the bank in a suitable position to capitalize on emerging opportunities to sustain attractive long-term growth and profitability,” BDO said.
BOO in the country’s largest bank in terms of total assets, loans, deposits and trust funds under management, based on published statements of condition as of March 31, 2024.
It also has he country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,500 teller machines nationwide.
It has 16 international offices in Asia, Europe, North America and the Middle East.
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