BDO net income hits P40B in Jan-Sept period

Sy-led banking giant BDO Unibank Inc. (BDO) saw a higher bottom line in the first nine months of 2022, on the back of strong growth across its businesses.
 
In a disclosure to the Philippine Stock Exchange on Friday, BDO reported a net income of P40 billion, higher than the P32.4 billion net earnings recorded in the same period last year.
 
The bank booked a net interest income of P108.1 billion as gross customer loans grew 10% year-on-year (YoY), largely funded by low-cost Current Account/Savings Account (CASA) deposits.
 
Non-interest income increased to P53.2 billion, led by 20% growth in fees and insurance premiums, while trading and forex gains were broadly in line with expectations and primarily generated by flow-related business. 
 
BDO said it has opened a total of 64 branches this year, most of which are in rural areas covered by its subsidiary BDO Network Bank Inc. 
 
This brought the bank’s total branches to 1,608 as of September 30, 2022. 
 
“Despite the bank’s strong performance year to date, management is conscious of external headwinds brought about by slowing global growth, persistent inflation, and lingering uncertainties related to the COVID-19 pandemic,” BDO said.

“BDO nonetheless believes that its established business franchise and strong balance sheet allow the bank to overcome near-term risks and achieve long-term sustainable growth,” it added. — VBL, GMA News