BDO Unibank, Inc. (BDO) reported a 12 percent growth in net income to P23.94 billion in the first half of 2022 from P21.45 billion in the same period last year on the back of strong results across its core businesses.

In a disclosure to the Philippine Stock Exchange, the bank said its customer loan portfolio went up by 9 percent, funded by an 11 percent rise in CASA (current and savings accounts) deposits which now comprise 85 percent of total deposits.

Non-interest income expanded to P34.3 billion, lifted by the strong expansion in fees and insurance premiums.

Pre-provision operating profit (PPOP) was up to P39.2 billion reflective of the strength of core income sources amid tempered rise in operating expenses.

Asset quality sustained its improvement as non-performing loan ratio went down further to 2.39 percent from 2.72 percent a quarter ago and 3.12 percent a year ago.

The Bank continues to roll out new digital capabilities and self-service technologies across branches to make banking services more accessible, easier to use and operationally efficient.

These branch innovations include paperless straight through processing capability, covering 80% of branch transactions, and card less automated teller machine (ATM) transactions using biometrics (fingerprint scan or facial recognition) and QR codes.

The Bank is now also offering its mobile wallet, BDO Pay, to non-BDO account holders.

BDO Pay does not require any initial deposit nor maintaining balance, and currently allows fund transfers to other bank accounts without cost.

BDO’s established business franchise, healthy capital position, and sustainable earnings performance reinforce the Bank’s resilience against prevailing macro headwinds and put it in a good position to capitalize on the country’s structural opportunities for long-term sustainable growth.