Banco de Oro unaudited income reaches P772.1-M

The Banco de Oro (BDO) Universal Bank registered an unaudited net income of P772.1 million after the first nine months of 2002.

This performance was 118 percent better than its net income of P353.3 million for the same period last year, and ahead of its third quarter target of P717 million.

"The healthier bottomline is attributable to a slight improvement in net interest income and a strong performance from fee-based activities, primarily trust, branch and treasury fixed-income dealership," it said in a statement.

BDO’s positive earnings was further enhanced by a non-recurring gain from secondary shares sold during its public listing last May.

Operating expenses grew 0.5 percent to P1.89 billion due to effective cost management from the merger with Dao Heng Bank last year. Net interest income stood at P1.612 billion, slightly better than last year‚s P1.603 billion.

Banco de Oro also set aside P1.17 billion for provisions, as against P160.8 million for the same period last year.

Total resources stood at P99.80 billion, an increase of 37 percent than the P27.04 billion level in the same period last year.

Deposits likewise increased by 36-percent, or P19.37 billion to P73.412 billion from year-ago levels.

Total loan portfolio grew by P10 billion to P48.6 billion for a growth rate of 26 percent. Capital funds nearly doubled from P8.46-billion to P13.37 billion, resulting from additional capital raised and proceeds from the initial public offering last May.

Its ratio of non-performing loans (NPLs) to total loans was at 8.4 percent compared to 10.52 percent last year. This compares favorably with the industry average, which stood at 17.5 percent as of August this year. – TPT