BDO Unibank of the Sy family posted robust earnings of ₱18.5 billion in the first quarter of 2024, marking a 12 percent increase compared to the same period last year, driven by the sustained performance of its core operations.
This achievement translated into an annualized Return on Common Equity (ROCE) of 14.3 percent for the quarter.
BDO’s net interest income rose 13 percent, propelled by a 13 percent expansion in gross customer loans.
Deposits grew by 13 percent, bolstered by the strength of low-cost current account/savings account (CASA) deposits.
Non-Interest Income witnessed an 11 percent rise, attributed to the steady growth of fee-based services and treasury/FX businesses, alongside a recovery in life insurance premiums.
Maintaining its commitment to prudent financial management, BDO upheld its conservative credit and provisioning policies, resulting in stable asset quality quarter-on-quarter. The Non-Performing Loan (NPL) ratio remained at 1.88%, while NPL coverage reached 181 percent.
Driven by sustained profitability, common equity surged by 12 percent, while book value per share recorded a 12% year-on-year improvement, reaching ₱99.23.
