BDO Unibank Inc., the largest Philippine lender, posted a 41 percent year-on-year growth in first quarter net income, sustaining an earnings momentum seen for the whole of 2022.
Nestor Tan, BDO president and chief executive officer, told shareholders on Wednesday that first quarter net income stood at P16.5 billion, nearly a third of last year’s net income of P57.1 billion, up 33 percent year-on-year.
Tan said the results for the first quarter translated to a return on average common equity of 14.45 percent.
BDO earnings were bolstered by solid loan and deposit growth, robust fee-income generation and improved asset quality.
Tan said macroeconomic challenges still persist, particularly the elevated inflation and interest rates. He is, however, confident that BDO is in a good position to weather short term volatility and capitalize on long-term growth opportunities given its sound balance sheet, established business franchise and strong and diversified earnings streams.
