BDO Unibank Inc. (BDO) posted a 47 percent jump in net earnings to P35.2 billion for the first half of 2023 from the P23.9 billion earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the bank said gross revenues rose 37 percent to P151.1 billion from P110.6 billion in the first semester of 2022. BDO said this was driven by broad-based growth across its core businesses and this translated to a return on common equity of 15.1 percent compared to 11.3 percent in the comparable period last year. Net interest income rose to P89.5 billion as gross customer loans expanded eight percent year-on-year to P2.7 trillion while deposit liabilities broadened 12 percent to P3.3 trillion. Non-interest income grew 11 percent to P38.2 billion due to robust growth in various fee-based and treasury and foreign exchange or FX businesses. Pre-provision operating profit settled at P52.4 billion, with revenues continuing to grow faster than operating expenses. Non-performing loan (NPL) ratio dipped quarter-on-quarter to 1.95 percent from 1.98 percent while NPL coverage improved to 174 percent with prudent credit and provisioning policies. Shareholders’ equity increased to P487.5 billion given profitable operations. Capital adequacy ratio and common equity tier 1 (CET1) ratio strengthened to 15 percent and 13.9 percent, respectively, and remain comfortably above regulatory minimum levels. Book value per share increased 13 percent to P91.42. “With improving macro-economic trends exemplified by decelerating inflation, sustained GDP growth and stable foreign exchange and interest rates, the Bank remains poised to capitalize on emerging growth opportunities given its solid balance sheet, strong business franchise and diversified earnings streams,” BDO said.