Universal bank BDO reported on Monday it posted a 12 percent increase in full-year net income to P82 billion in 2024, from P73.4 billion a year earlier.
Customer loans grew 13 percent to P3.2 trillion. Total deposits increased 6 percent to P3.8 trillion, with the Current Account/Savings Account (CASA) ratio at 71 percent.
The Sy family-controlled lender said in a statement its net interest income and non-interest income both grew 8 percent with the expansion in earning assets and growth in the bank’s service businesses.
BDO continues to invest in digital capabilities to offer more products, improve customer relations, and generate productivity.
Its established business franchise, robust financial performance, and wide distribution network make it well-equipped to pursue new opportunities and maintain long-term sustainable growth and profitability,” the lender said.
The bank opened 71 branches last year, bringing its nationwide network to 1,791.
Its non-performing loans (NPL) ratio remained steady at 1.83 percent, lower than the industry average of 3.27 percent.
NPL coverage was stable at 145 percent versus 144 percent in the previous quarter, using the revised BSP guidelines which excludes provisions appropriated in Retained Earnings.
Shareholders’ equity expanded 11 percent on sustained profitable operations, with Book Value Per Share increasing 11 percent to ₱107.83.
The bank successfully issued its second and third ASEAN Sustainability Bonds in January and July 2024, raising P63.3 billion and P55.7 billion, respectively.
These bond issuances support its ongoing sustainability initiatives, providing funding for eligible projects that contribute to the country’s sustainable development.
