BDO net income climbs 51% in 2021

Banking giant BDO Unibank Inc. posted a net income of P42.8 billion last year, up 51% from P28.2 billion in 2020.

In a disclosure to the Philippine Stock Exchange on Thursday, BDO said its full-year bottom line was “buoyed by an 11% increase in non-interest income and normalized provisions.”

“This reflects the bank's operational resiliency notwithstanding COVID-19-related headwinds depressing loan activity for much of 2021,” the Sy-led company said.

“Overall business conditions appeared to be improving late 2021 however, with loan growth accelerating to 6%, ahead of the industry's 5%, as the government began to ease quarantine protocols and mobility restrictions,” it added.

The bank said its total capital base increased to P424.5 billion while the capital adequacy ratio stood at 14.6%, above the regulatory minimum.

BDO has the country's largest distribution network, with over 1,500 consolidated operating branches and more than 4,400 ATMs nationwide.

It also has 18 overseas remittance and representative offices, including full-service branches in Hong Kong, Singapore, Europe, North America and the Middle East.

BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of September 30, 2021. — VBL, GMA News