BDO registers all-time high P32.5B net income in 2018, up 16%

BDO Unibank Inc. reported an all-time high net income of P32.7 billion in 2018 driven by the lender's robust lending and deposit-taking business.

In a regulatory filing submitted by BDO corporate information officer Elmer Serrano on Tuesday, the Sy-led bank said its full-year bottom line grew 17 percent from P28.1 billion in 2017.

The record P32.7-billion net income also surpassed the bank's P31-billion 2018 profit guidance owing to strong recurring earning from its core businesses.

"The bank, likewise, capped another milestone as the first Philippine bank to breach P3-trillion mark in total assets," BDO said.

Gross customer loans grew 15 percent to P2 trillion on healthy increases across all market segments, while total deposits went up by 14 percent to P2.4 trillion.

Net interest income expanded to P98.3 billion on better net interest margins, which improved to 3.64 percent from 3.48 percent year-on-year.

Non-interest income settled at P49.7 billion, with fee-based income contributing P30.7 billion and insurance premiums up 20 percent.

"BDO is well-positioned to take advantage of market opportunities and strengthen its leadership position in the industry by leveraging on its strong business franchise and extensive distribution network," the bank said. —Ted Cordero/KBK, GMA News