BDO Unibank posts over 143% increase in first half net income

BDO Unibank Inc., the banking arm of tycoon Henry Sy’s holding firm SM Investments Corp., reported its first half net income more than doubled on the strength of all business segments.

 

Net earnings from January to June reached a record P14.1 billion from P5.8 billion a year earlier, up 143.1 percent, the bank noted in a statement Monday.

 

Gross customer loans rose 12 percent to P806.6 billion while total deposits breached the P1 trillion mark, growing by 17 percent to P1.02 trillion on the sustained increase in low-cost deposits.

 

As a result, net interest income expanded by 14 percent to nearly P20 billion.

 

Non-interest income surged 81 percent to P20.3 billion, driven by fee-based service income of P7.6 billion as well as exceptional gains from trading and foreign exchange activities despite the market volatility in late June.

 

As of end-June, BDO registered a capital adequacy ratio and tier 1 capital ratio of 18.3 percent and 15.6 percent, respectively, well above the regulatory minimum. — VS, GMA News