BDO net income hits P32.1B in first 9 months, up 50%

BDO Unibank Inc. on Monday reported a 50% bottom line gain in the first nine months of the year, driven mainly by customer loans.

Net income rose to P32.1 billion in the first nine months of the year, the Sy-led lender noted in a regulatory filing submitted by corporate information officer Elmer Serrano.

This translates to a growth of 49.30% from P21.5-billion in the comparable period in 2018.

Customer loans grew by 6% to P2.1 trillion, while total deposits grew by 3% to P2.4 trillion.

Operating expenses rose by 20% to P85.8 billion, on the back of bank expansion and higher volume-related expenses.

“With its focused growth strategy, strong business franchise, solid balance sheet and extensive geographic reach, the bank remains solidly positioned to capitalize on the country’s solid economic pace and growth opportunities in underserved and emerging markets,” the bank said. —Jon Viktor Cabuenas/VDS, GMA News