BDO posts P18.5-B Q1 profit

BDO Unibank Inc. earned P18.5 billion in the first quarter of 2024 on the sustained performance of its core businesses, higher by 12 percent versus the comparable period last year.

This resulted in an annualized Return on Common Equity of 14.3 percent for the first quarter of 2024.

Net Interest Income increased by 13 percent with gross customer loans expanding by 13 percent.

Meanwhile, deposits expanded by 13 percent, supported by low-cost current account/savings account.

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 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’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.