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Monday, May 27, 2024

BDO’s income rose 12% to P18.5b in first quarter

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BDO Unibank Inc., the country’s largest lender led by the SM Group, said Thursday it delivered a net income of P18.5 billion in the first three months of 2024, a 12-percent increase from the same quarter last year on sustained performance of its core businesses.

This translated into an annualized return on common equity of 14.3 percent for the first quarter, BDO said in a disclosure to the stock exchange.

Net interest income increased 13 percent, while gross customer loans expanded 13 percent. Deposits also went up 13 percent, supported by low-cost current account/savings account (CASA).

Non-interest income climbed 11 percent on steady growth of fee-based and treasury/FX businesses and recovery in life insurance premiums.

The bank said asset quality remained stable quarter-on-quarter with its continued conservative credit and provisioning policies.

Non-performing loan (NPL) ratio stood at 1.88 percent, while NPL coverage settled at 181 percent. Common equity increased 12 percent on continued profitable operations.

BDO said it continued its sustainability initiatives, with the recent issuance of its second ASEAN sustainability bonds in January, where it raised a record P63.3 billion to fund eligible projects.

BDO said its mission is to “be the preferred bank in every market it serves”, anchored on its business philosophy of pursuing long-term growth and profitability, while sustaining market leadership backed by a strong balance sheet and diversified business franchise.

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