BDO boasts 54% earnings growth to P20.2 billion in 1st half of 2019
MANILA, Philippines – The Philippines’ largest bank, BDO Unibank (BDO), reported earnings of P20.2 billion in the 1st half of the year, drawing strength from its core businesses, solid growth in fee income, and trading and foreign exchange gains.
In the 1st half of 2018, BDO reported a net income of P13.1 billion, which means that its net income grew an impressive 54% in the same period this year, beating analysts' forecasts.
BDO disclosed on Friday, July 26, that its net interest income increased by 24% to P56.9 billion.
Gross customer loans grew by 7% to P2 trillion, reflecting growth in consumer lending and the middle market segments.
Meanwhile, total deposits went up by 3% to P2.4 trillion, which the bank said reflected consumers’ shift toward fixed income investments like bank bonds.
Non-interest income was up by 29% to P29.5 billion, while trading and forex gains normalized to P3.6 billion.
BDO’s operating expenses grew by 21%, as the bank opened up 53 banks in the 1st 6 months of the year.
“With expectations of better economic prospects going forward, BDO will continue to build on its business franchise and extensive distribution network to tap new growth areas and underserved markets,” BDO said in a statement.
BDO is the largest bank in terms of assets, loans, deposits, and trust funds. It also has over 1,300 branches nationwide. – Rappler.com