BDO Unibank, Inc. (BDO) today announced that it has achieved a net income of PHP18.5 billion in the first quarter of 2024, marking a 12 per cent increase compared to the same period last year.
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This performance has also resulted in an annualized Return on Common Equity (ROCE) of 14.3 per cent for the quarter.
Net Interest Income grew by 13 per cent, driven by a 13 per cent increase in Gross Customer Loans. Deposits also saw a 13 per cent rise, supported by the growth in low-cost Current Account/Savings Account (CASA) deposits.
Non-Interest Income, on the other hand, went up by 11 per cent, thanks to steady growth in fee-based and treasury/FX businesses and a recovery in life insurance premiums.
Asset quality remained stable compared to the previous quarter, reflecting the bank’s conservative credit and provisioning policies. The Non-Performing Loan (NPL) ratio was pegged at 1.88 per cent, with NPL coverage at 181 per cent.
The bank’s common equity rose by 12 per cent due to continued profitable operations, leading to a 12 per cent year-on-year increase in book value per share, which reached PHP99.23.
BDO’s mission to “be the preferred bank in every market it serves” underpins its business philosophy of striving for long-term growth and profitability.
This mission is supported by a strong balance sheet and a diversified business franchise, maintaining its market leadership.
Ralph, the Editor-in-Chief of FintechNewsPH.com, brings over 15 years of writing and editorial experience that make him a strong fit to lead the publication’s mission of delivering credible and compelling fintech stories.
Before joining FintechNewsPH.com, he served as editor of Hello Philippines, a UK-based news magazine for the Filipino community abroad, where he covered stories on culture, business, and the global Filipino experience. He also contributed as a writer for The International Filipino, profiling Filipinos making an impact worldwide, and later worked as copy editor for Malaya Business Insight, one of the country’s respected business newspapers, where he refined his eye for accuracy, clarity, and style.
Ralph’s editorial journey began at the University of the Philippines Diliman, where he was Editor-in-Chief of Kampus Dyornal. There, he developed a keen sense for storytelling that informs and connects — a passion that continues to define his work today.
Through the years, Ralph has written across diverse subjects, from finance and technology to culture and communication, consistently weaving insight with narrative depth. His solid newsroom background and commitment to quality journalism position him to guide FintechNewsPH.com in highlighting the stories that shape the country’s rapidly evolving fintech landscape. Discover more about Ralph's professional journey on his LinkedIn profile (https://www.linkedin.com/in/raphael-fajardo-17155491/).
