BDO profits climb to P82B in 2024

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 ratio of 71 percent.

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

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.