BDO eyes P31-B net income in 2018

BDO Unibank Inc. is targeting to book a double-digit growth in bottom line this year, relying on the performance of core businesses and new line of investments.

Nestor Tan, president and CEO of BDO, said the Sy-led lender is eyeing a net income of P31 billion in 2018, 10.3 percent higher than the P28.1 billion booked last year.

“Basically, the core business will lift us but we will still continue to invest in our new businesses so we will have the growth three to five years from now,” Tan said in a press briefing in Makati City on Friday.

BDO’s core business include lending, deposit funding, and fee-based transactions.

Tan said core banking businesses, which carried growth in the last five years, would still be the main drivers this year and the next five years.

“However, we continue to invest in three areas that we believe will complement existing core business and will be the driver of future growth,” he said.

Tan cited BDO’s rural bank One Network Bank, which is a vehicle for lending to micro, small, and medium enterprises (MSMEs) and underserved segments.

“Then BDO Life, which we believe will become an integral part of every family’s financial planning, and wealth management,” he said. —VDS, GMA News