BDO Unibank, Inc. earned P18.5 billion in the first quarter of 2024 on the sustained performance of its core businesses, 12 percent higher than results from the comparable period last year.
This resulted in an annualized Return on Common Equity (ROCE) of 14.3 percent for the first quarter of 2024.
“BDO’s mission to be the preferred bank in every market it serves anchors its business philosophy of pursuing long-term growth and profitability, while sustaining market leadership backed by a strong balance sheet and diversified business franchise,” the bank said in a statement.
Net interest income increased by 13 percent with gross customer loans expanding by 13 percent.
Deposits expanded by 13 percent, supported by low-cost current account/savings account (CASA).
Non-interest income rose by 11 percent on steady growth of fee-based and treasury/FX businesses and recovery in life insurance premiums.
Asset quality remained stable quarter-on-quarter with the bank’s continued conservative credit and provisioning policies. Non-performing loan (NPL) ratio stood at 1.88 percent while NPL coverage settled at 181 percent.
Common equity increased by 12 percent on continued profitable operations. Book value per share improved by 12 percent year-on-year to P99.23.
BDO is a full-service universal bank which provides a wide range of corporate and retail services such as loan and deposit products, treasury, trust banking, investment banking, private banking, rural banking and microfinance, cash management, leasing and finance, remittance, life insurance, property & casualty insurance brokerage, cash cards, credit cards, and online and non-online stock brokerage services.
It also has the country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,500 teller machines nationwide. It has 16 international offices in Asia, Europe, North America and the Middle East.
The bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.
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 December 31, 2023.
