BDO Unibank Inc. grew its profit in the first half of the year by 12 percent to P39.4 billion compared to last year’s P35.18 billion.
The lender attributed the growth “on the stronger momentum from its core intermediation and fee-based service businesses.”
Annualized return on common equity (ROCE) improved to 15.8 percent in the second quarter from 14.3 percent in the first quarter of the year, BDO said.
“Gross customer loans expanded by 13 percent across all market segments, while total deposits rose 13 percent. BDO’s current account/savings account (CASA) ratio stood at 69 percent,” it added.
Non-interest income grew by 13 percent, supported by growth in fee income, treasury and the continued recovery in life insurance premiums, BDO said.
The bank said asset quality remained stable despite elevated interest rates. Non-performing loan (NPL) ratio settled at 2.06 percent while NPL coverage stood at 169 percent, better than the industry average, it added.
“Shareholders’ equity strengthened 12 percent on profitable operations, with book value per share expanding 12 percent to P102.22,” BDO said.
“BDO’s robust business franchise and strong balance sheet place the Bank in a suitable position to capitalize on emerging opportunities to sustain attractive long-term growth and profitability,” it added.
