BDO Unibank Inc., the country’s largest lender controlled by tycoon Henry Sy, opened its 1,000th branch in the country in Davao City.
BDO opened to clients its branch in Buhangin, one of the most populated areas in Davao City, on March 20.
BDO senior executive vice president and head of branch banking Jaime Yu said in a statement Wednesday that reaching the 1,000-branch milestone was a testament to the bank’s commitment to make banking reachable to Filipinos whether they are located in the metropolitan area or far flung provinces.
“We fully recognize that there are still about 70 percent of the population with no bank accounts or has yet to enter the formal banking sector. The continued growth of our branches is our way of creating opportunities for more people to experience the rewards of having a bank that takes care of their financial needs,” said Yu.
BDO ended 2016 with a branch network of 982 (including one in Hong Kong). Of the total, 492 branches were in Metro Manila, 305 in Luzon, 108 in Visayas and 76 in Mindanao. This year, the bank plans to add 60 more branches, further increasing its network to 1,042 by the end of 2017.
BDO’s domestic distribution network remains one of the strongest in the banking industry. It is known for its longer banking hours and weekend banking. This wide market reach is complemented by over 3,600 ATMs and electronic channels.
BDO’s net profit last year jumped 4.4 percent to a record P26.1 billion from P25 billion a year ago on robust growth across all business segments. The full-year performance also matched its earnings guidance for the year.
Customer loan portfolio increased 16 percent to P1.5 trillion, while total deposits rose 15 percent to P1.9 trillion on the sustained growth in the bank’s low-cost current and savings account deposits. Net interest income went up 15 percent to P65.6 billion, reflecting the quality growth in the loan portfolio.