BDO Unibank Inc. (BDO) raked in P18.5 billion in net income in the first quarter, posting a 12-percent growth from P16.5 billion last year.

The bank said in a report to the bourse its net interest income jumped by 13 percent from January to March. This reflected a double-digit growth in gross customer loans.

Through its conservative lending approach, BDO said its non-performing loan or NPL ratio remained stable at 1.88 percent.

Meanwhile, the bank allocated a manageable NPL coverage of 181 percent.

Low-cost accounts

Deposits rose by 13 percent, which BDO said was mainly driven by an increased number of low-cost current accounts and savings accounts.

Similarly, the bank saw a double-digit growth in non-interest income at 11 percent, as service fees for foreign exchange, insurance, and other transactions continued to flow in.

Due to higher profits, BDO’s common equity grew by 12 percent, while return on common equity improved by 14.3 percent.

BDO said its book value per share improved by 12 percent year-on-year to P99.23.

BDO dominated the industry as the largest bank in terms of total assets, loans, deposits and trust funds under management based on financial statements dated as of 31 December 2023.