BDO almost doubles profits to P32.4 B
BDO Unibank, Inc. (BDO) almost doubled its net income to P32.4 billion in the first nine months of 2021 from the P16.6 billion earned in the same period last year due to its resilient business franchise and normalized provisions.
In a disclosure to the Philippine Stock Exchange, the bank noted that its earnings have normalized to pre-pandemic levels and show stable quarter-on-quarter business performance with loan growth turning positive.
It added that, “outlook turns positive with increasing vaccination rates and improving mobility.”
Gross customer loans outpaced the industry with a 5 percent year-on-year (YoY) increase while total deposits went up by 6 percent YoY, driven by the 14 percent YoY expansion in Current Account and Savings Account (CASA) deposits that now comprise 85 percent of total deposits.
Non-interest income increased by 13 percent YoY while trading and forex gains normalized to P2.8 billion. The Bank sustained investments in its IT or digital infrastructure and expanded its digital capabilities to further elevate customer experience and raise productivity.
BDO launched early this year its mobile wallet BDO Pay. In addition, BDO clients can now enjoy paperless in-branch transactions, card-less ATM transactions using biometrics and QR codes, and fully digital account opening.
Total capital base strengthened to P422.3 billion, with Common Equity Tier 1 (CET1) ratio at 13.8 percent, well above regulatory minimum.
The bank’s book value per common share went up to P94.76 as of end-September 2021 versus P84.82 in the same period last year, for a 12 percent growth.
Return on Average Common Equity (ROE) for the first nine months of 2021 was higher at 10.72 percent from 5.97 percent in the same period last year.
“More significantly, the bank has now vaccinated 95 percent of its employees against COVID- 19, thus raising the level of safety for clients and Bank personnel,” BDO noted.