BDO Unibank reports H1 unaudited net profit up 15% to P5.83B

Banco De Oro Unibank Inc. (BDO) said its first half unaudited net income rose 15 percent to P5.83 billion from P5.05 billion a year earlier.

 

“The Bank continued to strengthen its business franchise and distribution network, leading to an expanded loan portfolio, growing low-cost deposits and higher recurring fee-based service income,” BDO said in a statement Tuesday.

 

With its current financial performance and capital growth, BDO said it “remains on track to meet its income guidance of P12.5 billion for the year.”

 

Net income from the bank’s interests inched 2 percent to P17.4 billion due to robust loan growth and continued hike in low-cost deposits. Total non-interest income grew 7 percent to P11.2 billion.

 

Also, gross customer loans went up 18 percent to P719 billion with growth seen in all segments, the bank noted.

 

BDO added that its fee-based income went up to P6.8 billion, while trading and foreign exchange gains were P3.2 billion.

 

To meet its growth objectives for the year, BDO raised P43.5 billion in core capital through a stock rights offer. — MJC/VS, GMA News