BDO Unibank, Inc., the country’s largest lenders by assets, said Monday its first half net income surged to P35.2 billion from P23.9 billion in the year-earlier period, driven by broad-based growth across its core businesses.
The first-half earning translated to a return on common equity of 15.1 percent compared with 11.3 percent in the comparable period last year.
BDO said net interest income rose to P89.5 billion as gross customer loans expanded 8 percent year-on-year to P2.7 trillion while deposit liabilities broadened 12 percent to ₱3.3 trillion.
Non-interest income rose 11 percent year-on-year to P38.2 billion due to robust growth in various fee-based and treasury and foreign exchange businesses. Pre-provision operating profit settled at P52.4 billion, with revenues continuing to grow faster than operating expenses.
Shareholders’ equity increased to P487.5 billion given profitable operations.
Book Value Per Share increased by 13 percent to P91.42.
BDO said its solid balance sheet, strong business franchise and diversified earnings streams will allow it to take advantage of the improving macro-economic trends, including decelerating inflation, sustained gross domestic product growth, and stable foreign exchange and interest rates.
