Future-ready: BDO profits more than P60-B in nine months
The Sy-led bank attributed the growth to the consistent performance of its core intermediation and fee-based service sectors.
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Daily TribuneThe Sy-led bank attributed the growth to the consistent performance of its core intermediation and fee-based service sectors.
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BDO’s institutional strengths and value-added products and services hold the key to its successful business relationships with customers.
Photograph courtesy of BDO
BDO Unibank, Inc. (BDO) reported a 12 percent year-on-year increase in net profit, reaching P60.6 billion for the first nine months of the year.
In a stock exchange report on Monday, the Sy-led bank attributed the growth to the consistent performance of its core intermediation and fee-based service sectors.
According to BDO, its strong business franchise, solid balance sheet, and extensive distribution network position the company to seize emerging opportunities and sustain long-term growth and profitability.
Notably, the company's Annualized Return on Common Equity (ROCE) for this period stood at 15 percent.
Gross customer loans grew by 13 percent year-on-year, reflecting broad-based growth across all market segments, while total deposits increased by 10 percent year-on-year.
The Current Account/Savings Account deposit ratio remained stable quarter-on-quarter at 69 percent.
Non-interest income saw a robust increase of 16 percent year-on-year, driven by strong growth in fees and service charges, as well as gains from treasury and foreign exchange activities, along with income from insurance operations.
Asset quality demonstrated improvement both year-on-year and quarter-on-quarter, with the Non-Performing Loan ratio declining to 1.82 percent and NPL coverage rising to 178 percent.
Shareholders’ equity strengthened by 13 percent year-on-year, bolstered by continued profitability, while Book Value Per Share also grew 13 percent year-on-year to P106.48.
