The Sy-led BDO Unibank Inc. recorded a 35 percent increase in its net income to P53.9 billion in the first nine months of 2023 compared to P40 billion in the same period in 2022. 

In a disclosure to the Philippine Stock Exchange (PSE), BDO's total net revenues increased by 21 percent at P195 billion in January to September 2023 from P161 billion in the same period in 2022.  

It reported that the increased net income resulted in a 15 percent Return on Common Equity of 15.1 percent in 2023 from 12.4 percent in 2022. 

The bank's net interest income rose by 27 percent to P137 billion in the first nine months of 2023 from P108 billion in 2022, with customer loans seeing growth by eight percent to P2.7 trillion, and deposits expanding by 12 percent to P3.4 trillion both in 2023. 

Pre-provision operating profit was at P80.6 billion, "with revenue growth continuing to outpace cost growth." 

The non-performing loan (NPL) ratio was also stable at two percent despite higher interest rates and NPL coverage was at 176 percent.

BDO, the country's largest lender, said that it is "continuing to set aside provisions in line with its conservative credit and provisioning policies."  

Common Equity also grew to P494 billion "given continued profitable operations," with a 13 percent book value per share of P94. 

"While macroeconomic challenges persist, the bank remains cautiously optimistic and is well-positioned to capitalize on opportunities given its strong balance sheet and diversified business franchise," said the bank.

BDO added that it is continuing its expansion in underserved or underpenetrated markets and investments in technology.