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.