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Manila Bulletin devider Business devider Banking & Finance devider BDO's net profit jumps 12% in nine months due to rising loans, deposits

BDO's net profit jumps 12% in nine months due to rising loans, deposits

Published Oct 28, 2024 01:05 am

The country’s top lender BDO Unibank Inc. (BDO) reported a 12 percent year-on-year (YoY) growth in net profit to P60.6 billion in the first nine months of 2024.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said its growth in net income was driven by the sustained contribution of its core intermediation and fee-based service businesses.

Annualized Return on Common Equity (ROCE) stood at 15 percent in the nine-month 2024 period.

Regina Capital Development Corporation Managing Director Luis Limlingan said BDO's earnings are in line with expectations and that "net income rose by roughly 11.78 percent year-on-year in the third quarter."

"BDO’s double-digit earnings growth reflects the overall strength of the country's universal banks on the back of continued economic expansion and favorable business fundamentals," said Chinabank Capital Corporation Managing Director Juan Paolo Colet.

He added that "we expect the bank to sustain its performance in the fourth quarter and end the year with more than P80 billion in net income."

BDO said its Gross Customer Loans increased 13 percent YoY on broad-based growth across all market segments, while total deposits expanded 10 percent YoY.

Current Account/Savings Account (CASA) deposit ratio remained steady quarter-on-quarter (QoQ) at 69 percent.

Non-Interest Income rose strongly by 16 percent YoY with robust growth in fees and service charges, treasury and forex gains and income from insurance operations.

Asset quality improved YoY and QoQ with Non-Performing Loan (NPL) ratio declining to 1.82 percent and NPL coverage increasing to 178 percent.

Shareholders' equity strengthened 13 percent YoY on continued profitable operations, with Book Value Per Share growing 13 percent YoY to P106.48.

The bank said it remains well-positioned to capitalize on emerging opportunities and sustain long- term growth and profitability with its strong business franchise, solid balance sheet and extensive distribution network.

BDO has the country's largest distribution network, with over 1,700 consolidated operating branches and more than 5,700 teller machines nationwide.

It also has 16 international offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East.

BOO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of June 30, 2024.

Related Tags

Chinabank Capital Corporation Juan Paolo Colet BDO Unibank Inc. Regina Capital Development Corporation Luis Limlingan
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