Wednesday, May 29, 2024

BDO Unibank, Inc. earned P18.5 billion in the first quarter of 2024 15% vs. end 2023 of ₽130.50

BDO Unibank, Inc. earned P18.5 billion in the first quarter of 2024 15% vs. end 2023 of ₽130.50

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BDO Unibank, Inc. earned P18.5 billion in the first quarter of 2024 on the sustained performance of its core businesses, higher by 12% vs. the comparable period last year.

This resulted in an annualized Return on Common Equity (ROCE) of 14.3% for the first quarter of 2024. Sustaining contribution from core lending and fee-based businesses.

Net Interest Income increased by 13% with Gross Customer Loans expanding by 13%.

Meanwhile, Deposits expanded by 13%, supported by low-cost Current Account/Savings Account (CASA).

Non-Interest Income rose by 11% on steady growth of fee-based and treasury/FX businesses and recovery in life insurance premiums.

Asset quality remained stable quarter-on-quarter with the Bank’s continued conservative credit and provisioning policies. Non-Performing Loan (NPL) ratio stood at 1.88% while NPL coverage settled at 181%.

Solid capital position and value creation also affects the common equity increased by 12% on continued profitable operations. Book value per share improved by 12% year-on-year to ₽99.23.

BDO’s mission to “be the preferred bank in every market it serves” anchors its business philosophy of pursuing long-term growth and profitability, while sustaining market leadership backed by a strong balance sheet and diversified business franchise.