BDO nets P73.4 billion in 2023

Sy-led BDO Unibank Inc. on Monday reported double-digit growth in its 2023 bottom line, on the back of the growth of its core businesses during the period.

BDO reported a P73.4-billion net income for the past year, reflecting a 28.55% growth from P57.1 billion in 2022, translating to a return on common equity (ROCE) of 15.2% versus 13.0% the previous year.

“Revenues expanded at a slightly faster pace than operating expenses growth mostly from volume-related costs, continued network expansion and IT (information technology) investments,” BDO said in an emailed statement.

Net interest income stood at P186.4 billion, as the lender’s gross customer loans climbed 9% to P2.85 trillion while total deposits jumped 11% to P3.57 trillion with the current account and savings account (CASA) ratio at 72%.

Non-interest income hit P84.0 billion driven by the fee-based and treasury or foreign exchange businesses, while the pre-provision operating profit grew 27% to P113.6 billion.

BDO reported over 1,700 operating branches and over 4,800 automated teller machines (ATMs) across the nation as of end-January 2024, on top of 16 international offices located in Asia, Europe, North America, and the Middle East. —KBK, GMA Integrated News