BDO nets P44.2B in 2019, up 35%

Sy-led BDO Unibank Inc. saw a double-digit growth in its bottom line in 2019 on the back of strong performance of core business.

In a disclosure to the Philippine Stock Exchange on Thursday, BDO said it posted a net income of P44.2 billion last year, which is 35% higher compared to P32.7 billion in 2018.

“The results exceeded the bank’s P38.5-billion [profit] guidance and translate to a Return on Common Equity of 12.8% from 10.7% the year before,” BDO said.

The bank’s net interest income grew to P119.9 billion from P98.3 billion year-on-year.

Consumer loans increased by 9% to P2.2 trillion due to “broad-based growth across market segments,” BDO said.

Total deposits, on the other hand, stood at P2.5 trillion, up 3% on the back of 8% growth n low-cost current account/savings account deposits which comprised 73% of the total.

Non-interest income amounted to P60.6 billion led by fee-based income with P35.3 billion and insurance premiums with P14.8 billion.

Gross operating income grew to P180.5 billion.

Operating expenses amounted to P115.2 billion, “in line with the bank’s continuing business and network expansion as well as higher volume-related expenses specifically, taxes and licenses and policy reserves at BDO life.” — Ted Cordero/RSJ, GMA News