BDO Unibank, Inc.’s (BDO) net profit grew 12 percent year-on-year (YoY) to ₱60.6 billion in the first nine months of 2024, driven by the sustained contribution of its core intermediation and fee-based service businesses.
Annualized Return on Common Equity (ROCE) stood at 15 percent for the first nine months of this year.
“BDO remains well-positioned to capitalize on emerging opportunities and sustain long-term growth and profitability with its strong business franchise, solid balance sheet and extensive distribution network,” the bank said in a statement.
Gross Customer Loans increased 13 percent on broad-based growth across all market segments, while total deposits expanded 10 percent.
Current Account/Savings Account (CASA) deposit ratio remained steady at 69 percent.
Non-Interest Income rose strongly by 16 percent with robust growth in fees and service charges, treasury and forex gains and income from insurance operations.
Asset quality improved with Non-Performing Loan (NPL) ratio declining to 1.82 percent and NPL coverage increasing to 178 percent.
Shareholders’ equity strengthened 13 percent on continued profitable operations, with Book Value Per Share growing13 percent to P106.48.
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 has the country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,700 teller machines nationwide.
It also has 16 international offices in Asia, Europe, North America and the Middle East, including full-service branches in Hong Kong and Singapore.
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 June 30, 2024.
