October 29, 2024 | 12:00am
MANILA, Philippines — Earnings of BDO Unibank Inc. went up by 12 percent to P60.6 billion from January to September compared to the P53.9 billion in the same period last year, after a strong performance in the third quarter.
The country’s largest bank owned by the family of the late retail and banking magnate Henry Sy attributed the increase to steady gains from its core lending and fee-based service businesses.
For the third quarter alone, BDO’s net income increased by 13.2 percent to P21.23 billion from P18.75 billion in the same quarter last year.
“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,” the bank said.
In its quarterly report disclosed to the Philippine Stock Exchange, BDO said its net interest income grew by nine percent to P138.3 billion, owing to asset expansion.
Its annualized return on common equity stood at 15 percent during the nine-month period.
The listed bank booked a 13-percent increase in gross customer loans as it recorded broad-based growth across all market segments.
Asset quality also improved with a non-performing loan ratio of 1.82 percent as of end-September and an NPL cover of 178 percent.
Total deposits grew by 10 percent year-on-year, while the current account savings account deposit ratio remained steady quarter-on-quarter at 69 percent.
Meanwhile, the bank’s other operating income went up by 16 percent to P55.3 billion, driven by strong growth in fees and service charges, treasury and foreign exchange gains as well as earnings from insurance operations.
Shareholders’ equity went up by 13 percent year-on-year amid continued profitable operations. Capital levels strengthened, with book value per share increasing by 13 percent to P106.48.
BDO has the country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,700 teller machines nationwide. It also has 16 international offices in Asia, Europe, North America and the Middle East, including full-service branches in Hong Kong and Singapore.
Be the first to comment