BDO nets P53.9B in Jan-Sept

Sy-led BDO Unibank Inc. reported on Wednesday a net income of P53.9 billion in the first nine months of 2023.

In a disclosure to the Philippine Stock Exchange, BDO said its January to September bottom line was higher than the P40-billion earnings seen in the same period last year.

This is on the back of P137.4 billion in net interest income, which resulted from the 7.5% year-on-year growth in customer loans to P2.7 trillion and the 12% increase in deposits to P3.4 trillion.

Non-interest income stood at P57.9 billion, supported by various fee-based and foreign exchange businesses.

BDO said its non-performing loans (NPL) ratio remained stable at 1.99% despite the higher interest rate environment, while NPL coverage improved to 176%. 

The lender said it continues to set aside provisions in line with its conservative credit and provisioning policies.

“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,” BDO said. —VBL, GMA Integrated News