BDO Unibank grew its net income by 12 percent to P82 billion last year, compared to P73.4 billion in 2023, as the non-performing loan (NPL) ratio remained healthy.

In a disclosure to the Philippine Stock Exchange on Monday, BDO said gross loans jumped by 13 percent to P3.2 trillion.

Meanwhile, the NPL ratio stood at 1.83 percent, better than the industry's average of 3.27 percent.

Thus, NPL coverage remained relatively stable at 145 percent, slightly higher than the 144 percent posted two years ago.

Non-interest income grew more slowly by 8 percent as the bank managed assets and collected more service fees.

Total resources expanded to P4.9 trillion from P4.5 trillion.

On liabilities, total deposits rose by 6 percent to P3.8 trillion. Of this, 71 percent were current and savings accounts that carry a low savings rate.

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

"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.