BDO Unibank Inc., the country’s largest lender, reported net income growing 28 percent in 2023 to P73.4 billion from only P57.1 billion in 2022, from growth across its core businesses.
This translated to a return on common equity of 15.2 percent, up from 13 percent the previous year.
Net interest income expanded to P186.4 billion as gross customer loans rose 9 percent to P2.85 trillion with growth across all market segments, the bank said. Total deposits increased 11 percent to P3.57 trillion and CASA ratio at 72 percent.
Non-interest income totaled P84.0 billion, supported by fee-based and treasury foreign exchange businesses.
Revenue expanded at a slightly faster pace than operating expenses, mostly from volume-related costs, continued network expansion and IT investments.
Asset quality continued to improve, with non-performing loan ratio declining to 1.85 percent and NPL coverage increasing to 185 percent on account of its conservative provisioning policy, the bank said.
Common equity strengthened to P509.7 billion, with capital adequacy ratio at 14.9 percent and common equity tier 1 ratio at 13.8 percent, well ahead of minimum regulatory levels. Book value per share increased by 12 percent year-on-year to P96.75.
