BDO nets P82B in 2024

Sy-led lender BDO Unibank Inc. on Monday reported double-digit growth in its net income for 2024, driven by the growth of its core businesses during the period.

BDO said its net income climbed 12% to P82.0 billion in 2024 from P73.4 billion in 2023, translating to a return on common equity (ROCE) of 15.4%. Net interest income and non-interest income both grew by 8%.

Gross customers loans for the year increased by 13% to P3.2 trillion, on the back of double-digit growth across all segments. Total deposits for the year rose by 6% to P3.8 billion with the current account/savings account (CASA) ratio at 71%.

The non-performing loan (NPL) ratio was recorded at 1.83%, lower than the industry ratio of 3.27%, while the NPL coverage was recorded at 145%.

The bank opened 71 branches nationwide in the past year, majority of which located in rural and provincial areas to bring its consolidated network to 1,791.

“Sustained branch expansion is aligned with the bank’s strategic focus on broadening its reach, particularly in underserved areas, and enhancing customer convenience and accessibility,” the bank said in a regulatory filing.—AOL, GMA Integrated News