Banking giant BDO Unibank, Inc. (BDO) recorded a net income of P42.8 billion in 2021 against P28.2 billion in 2020, an increase of 51 percent, buoyed by an 11 percent increase in non-interest income and normalized provisions.
IN a statement, BDO said the jump in earnings reflects the bank’s “operational resiliency notwithstanding COVID-19-related headwinds depressing loan activity for much of 2021.”
“Overall business conditions appeared to be improving late 2021 however, with loan growth accelerating to 6 percent, ahead of the industry’s 5 percent, as government began to ease quarantine protocols and mobility restrictions,” BDO said.
For the full year, total deposits rose 8 percent, driven by the 13 percent expansion in current account/savings account (CASA) deposits.
Total capital base increased to P424.5 billion while the capital adequacy ratio (CAR) was at 14.6 percent, comfortably above the regulatory minimum.
Book value per share increased 8 percent to P95.26, from P88.11 in 2020.
“Throughout the pandemic, BDO continued to ensure the safety of customers and employees, especially with banking considered an essential economic service.
Approximately 99 percent of BDO employees are fully vaccinated, with an additional 47 percent receiving booster shots in the last two months,” BDO said.
The bank added it continues to invest in its digital infrastructure, allowing it to make banking services more accessible and easier to use.
In addition to the mobile wallet BDO Pay that was launched early last year, BDO clients can also avail of fully digital account opening, paperless in-branch transactions, and card-less ATM banking using biometrics and QR codes.
“The rollout of the QR-based branch processing now covers approximately 65 percent of the network with full completion targeted by mid-year,” BDO said.
The QR-based processing allows for 80 percent of branch transactions to be processed straight-through end-to-end significantly improving branch productivity and customer experience.
BDO has the country’s largest distribution network, with over 1,500 consolidated operating branches and more than 4,400 ATMs nationwide.
It also has 18 overseas remittance and representative offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East.
BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of September 30, 2021.
