BDO nets P23.9 billion in first half of 2022

Sy-led lender BDO Unibank Inc. reported a 12% increase in its first-half bottom line, driven mainly by higher lending activity during the period.

The firm said its net income climbed to P23.9 billion from the same period last year, as its customer loan portfolio increased by 9%.

Current account savings account (CASA) deposits jumped 11%, making up 85% of total deposits during the period.

The ratio of the bank’s nonperforming loans (NPL) to the total declined to 2.39%, while the NPL cover increased to 138%.

BDO did not disclose financial results for the second quarter of the year.

The bank’s products and services cover retail banking and lending, with its subsidiaries providing leasing and financing; investment banking; private banking; bancassurance; insurance brokerage; and stock brokerage services.

Its units include BDO Capital and Investment Corp., BDO Private Bank Inc., BDO Leasing and Finance Inc., BDO Finance Corp., and BDO Securities Corp.

It also has wholly-owned remittance subsidiaries in Canada, Japan, Macau, the United States, the United Kingdom, and Spain.

BDO operated some 1,500 consolidated operating branches, and over 4,500 automated teller machines (ATMs) during the period, with 16 international offices in Asia, Europe, North America, and the Middle East.—AOL, GMA News