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Manila Bulletin devider Business devider Banking & Finance devider BDO Unibank posts P39 billion first-half profit

BDO Unibank posts P39 billion first-half profit

Published Jul 29, 2024 12:02 am

BDO Unibank Inc., a member of the SM Group, reported a 12 percent growth in net income to P39.4 billion in the first half of 2024 from P35.2 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said it rode on the stronger momentum from its core intermediation and fee-based service businesses.

Its annualized return on common equity (ROCE) improved from 14.3 percent in the first quarter to 15.8 percent in the second quarter.

Gross customer loans expanded by 13 percent across all market segments, while total deposits rose 13 percent. BDO's current account to savings account (CASA) ratio was 69 percent.

Non-interest income grew by 13 percent, supported by healthy growth in fee income, treasury, and the continued recovery in life insurance premiums.

Asset quality remained stable despite elevated interest rates. The non-performing loan (NPL) ratio settled at 2.06 percent, while NPL coverage stood at 169 percent, which is better than the industry average.

Shareholders' equity strengthened 12 percent on profitable operations, with book value per share expanding 12 percent year-on-year to P102.22.

The bank successfully issued its third ASEAN Sustainability Bonds on July 24, 2024, raising P55.7 billion to finance or refinance eligible projects and further aid the country's sustainable development.

BDO's robust business franchise and strong balance sheet place the Bank in a suitable position to capitalize on emerging opportunities to sustain attractive long-term growth and profitability.

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