BDO Unibank Inc. (BDO), the country’s largest lender, reported a net income of P82 billion in 2024, up 12 percent from P73.4 billion in 2023, driven by strong performance across its core businesses.

In a stock exchange report this morning, the Sy-led company said return on common equity stood at 15.14 percent.

BDO’s loan portfolio grew 13 percent to P3.2 trillion, while total deposits rose 6 percent to P3.8 trillion, with a CASA (current and savings account) ratio of 71 percent.

Net interest and non-interest income increased 8 percent, driven by higher earning assets and growth in service businesses.

Strong asset quality

Asset quality, on the other hand, remained strong, with an NPL ratio of 1.83 percent, lower than the industry’s 3.27 percent. NPL coverage stood at 145 percent under revised BSP guidelines and 179 percent under the previous reporting system.

Shareholders’ equity rose 11 percent, boosting book value per share to P107.83. The bank’s CET1 ratio was at 14.1 percent.

Last year, BDO expanded its branch network with 71 new locations, bringing its total to 1,791.

Notably, the company also raised P63.3 billion and P55.7 billion from ASEAN Sustainability Bonds in January and July 2024, respectively, to fund eligible projects under its Sustainable Finance Framework.

Moving forward, the bank said it will continue to broaden its reach, particularly in rural areas, while enhancing digital banking services to improve customer experience and operational efficiency.

Meanwhile, operating expenses reached over P146 billion from P130 billion after the bank opened 71 more branches nationwide and invested in digital tools. Currently, BDO operates 1,791 branches.

Digital investments continue

“Sustained branch expansion is aligned with the bank’s strategic focus of broadening its reach, particularly in underserved areas, and enhancing customer convenience and accessibility,” BDO said.

“BDO continues to invest in digital capabilities to offer enhanced products, improve customer experience and generate operational productivity,” the bank added.

To help protect the environment and uplift less privileged communities, BDO raised a total of P119 billion from its issuance of ASEAN Sustainability Bonds in January and July last year.

Given BDO’s robust performance, return on average common equity stood at 15.14 percent, while book value per share rose by 11 percent to P107.83.