SY family-led BDO Unibank Inc., the Philippines’ largest bank, posted a net income of P60.6 billion in the first nine months of 2024, up 12.4 percent from P53.9 billion in the comparable 2023 period and led by growth in its core lending and fee businesses.
The nine-month result reflected an annualized return on common equity (ROCE) of 15 percent, little changed from last year’s 15.1 percent, the bank said in a disclosure on Monday.
“BDO remains well-positioned to capitalize on emerging opportunities and sustain long-term growth and profitability with its strong business franchise, solid balance sheet and extensive distribution network,” it added.
Gross customer loans in the nine months were said to have risen 13 percent year on year (YoY) on broad-based growth across all market segments, while total deposits expanded 10 percent.
Meanwhile, its third-quarter current account/savings account (CASA) deposit ratio was steady quarter on quarter (QoQ) at 69 percent.
Non-interest income was up 16 percent YoY, boosted by robust growth in fees and service charges, treasury and foreign exchange gains, and income from insurance operations.
The Sy-led bank said asset quality also improved, with its non-performing loan (NPL) ratio declining to 1.82 percent while its NPL coverage increased 178 percent.
Shareholders’ equity grew 13 percent YoY, while book value per share increased 13 percent to P106.48.
BDO, a full-service universal bank, operates the country’s largest distribution network, with more than 1,700 consolidated operating branches and 5,700-plus teller machines throughout the Philippines, aside from 16 international offices overseas.
In keeping with advances in technology, it also offers its clients digital banking solutions to ensure faster and more secure banking transactions.
As of end-June this year, BDO remained the country’s biggest bank in terms of assets, loans, deposits and trust funds under management.
The bank’s shares rose 30 centavos, or 0.19 percent, to P160 each on Monday amid a 0.4-percent rise for the benchmark Philippine Stock Exchange index.
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