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Manila Bulletin devider Business devider BDO profits surge 51% in 2021

BDO profits surge 51% in 2021

Published Feb 24, 2022 02:21 pm

BDO Unibank, Inc. (BDO) reported a 51 percent jump in net income to P42.8 billion last year from P28.2 billion in 2020 due to an 11 percent increase in non-interest income and normalized provisions.

In a disclosure to the Philippine Stock Exchange, BDO said “This reflects the bank’s operational resiliency notwithstanding COVID-19-related headwinds depressing loan activity for much of 2021.”

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It noted that, “Overall business conditions appeared to be improving late 2021 however, with loan growth accelerating to 6 percent, ahead of the industry’s 5 percent, as government began to ease quarantine protocols and mobility restrictions.”

For the full year, total deposits rose 8 percent year-on-year (YoY), driven by the 13 percent YoY expansion in Current Account-Savings Account (CASA) deposits—a testament to the strength of the overall franchise.

Total capital base increased to P424.5 billion while the Capital Adequacy Ratio (CAR) was at 14.6 percent, comfortably above the regulatory minimum. Book value per share increased 8 percent to P95.26, from P88.11 in 2020.

Throughout the pandemic, BDO continued to ensure the safety of customers and employees, especially with banking considered an essential economic service.

Approximately 99 percent of BDO employees are fully vaccinated, with an additional 47% receiving booster shots in the last two months.

The Bank said it continues to invest in its digital infrastructure, allowing it to make banking services more accessible and easier to use.

In addition to the mobile wallet BDO Pay that was launched early last year, BDO clients can also avail of fully digital account opening, paperless in-branch transactions, and card-less ATM banking using biometrics and QR codes.

The rollout of the QR-based branch processing now covers approximately 65 percent of the network with full completion targeted by mid-year.

The QR-based processing allows for 80 percent of branch transactions to be processed straight-through end-to-end significantly improving branch productivity and customer experience.

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