BDO profit climbs to P20.4 B in 9 months
BDO said its net interest income jumped 23 percent to P59.8 percent as its customer loan portfolio grew 18 percent to P1.7 trillion due to the broad-based expansion across all market segments. Wikimedia Commons, File
MANILA, Philippines — Listed BDO Unibank Inc. recorded a 5.7 percent rise in earnings in the first nine months on the back of the sustained growth in core lending, deposit-taking and fee-based businesses.
The net income of the country’s largest bank reached P20.4 billion from January to September, P1.1 billion higher than the P19.3 billion in the same period last year.
The bank’s profit would have grown 17 percent after excluding extraordinary items primarily related to the consolidation of BDO Life last year.
BDO said its net interest income jumped 23 percent to P59.8 percent as its customer loan portfolio grew 18 percent to P1.7 trillion due to the broad-based expansion across all market segments.
BDO said its total deposits rose 15 percent to P2.1 trillion, fueled by the 20 percent increase in current and savings accounts.
Likewise, the bank’s net interest income went up nine percent to P34.8 billion, powered by the 30 percent jump in fee-based income to P20.8 billion as well as the 19 percent rise in insurance premiums to P7.2 billion.
On the other hand, BDO’s trading and foreign exchange earnings plunged 30 percent to P3.3 billion.
The bank’s operating expenses rose 20 percent to P63.6 billion amid its continued business expansion.
BDO’s capital base stood at P294.7 billion as of end September. This translated to a common equity tier 1 (CET1) ratio of 13.4 percent and its capital adequacy ratio (CAR) and 15.1 percent, well above the threshold set by the Bangko Sentral ng Pilipinas (BSP) and under Basel III.
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