BDO profit slips 36%

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    BDO Unibank Inc. (BDO) said profit last year reached P28.2 billion, down 36.2 percent from P44.2 billion in 2019.

    The company said it has allocated P30.2 billion as pre-emptive provisions against potential delinquencies due to the coronavirus disease 2019 (COVID-19) pandemic.

    Net interest income (NII) hit P133.7 billion, up 12 percent. Loans grew 3 per cent to P2.3 trillion driven by consumer and corporate accounts.

    “The bank continued to assist its borrowing clients, ensuring their uninterrupted access to credit facilities, in addition to granting loan moratoria under Bayanihan I and II,” BDO said.

    “Current Accounts Savings Account (CASA) deposits continued to climb, growing 17 percent to P2.1 trillion, as clients were able to access BDO products and services through its branches, ATMs and digital channels even during quarantine restrictions,” it added.

    Non-interest income meanwhile was reported at P55.2 billion, down 8 percent, supported by fee-based income, trading gains and insurance premiums.

    The bank said business volumes were initially impacted by mobility restrictions, but have since begun to recover gradually.