BDO Unibank, Inc. (BDO) reported a 40.44% increase in net income in Q1 due to “broad-based growth” across all businesses.
The bank’s attributable net income for the period reached P16.528 billion, up from P11.679 billion in the same period a year earlier, according to its quarterly report.
BDO’s return on average common equity rose to 14.45% from 11.09% in Q1 2022, while its return on average assets increased to 1.64% from 1.29%.
Net interest income grew by 27.95% to P43.391 billion, and net interest margin rose to 4.58%.
Other operating income also increased by 33.52% year on year to P18.919 billion.
Meanwhile, the bank’s gross customer loans rose by 8% to P2.6 trillion, while total deposits increased by 14% to P3.22 trillion.
The bank’s nonperforming loan ratio improved to 1.98%, and NPL coverage increased to 170%.
Its capital adequacy ratio stood at 14.81%, up from 14.64% a year prior, and its common equity Tier 1 ratio was at 13.7%.
Total assets reached P4.087 trillion at end-March 2023.
Despite macroeconomic challenges, BDO said it is in a good position to weather short-term volatility and capitalize on long-term growth opportunities.
