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MANILA, Philippines – Sy-led BDO Unibank posted a net income of P42.8 billion in 2021, as bad loan buffers normalized and non-interest income jumped.
In a stock exchange filing on Thursday, February 24, BDO said its profits in 2021 were 51% higher than the P28.2 billion posted in 2020.
Non-interest income increased by 11%, while loan growth accelerated by 6%.
Total deposits rose 8%, while current and savings accounts deposits expanded 13%.
“This reflects the bank’s operational resiliency notwithstanding COVID-19-related headwinds depressing loan activity for much of 2021,” BDO said.
Total capital base increased to P424.5 billion while the capital adequacy ratio was at 14.6%, above the regulatory minimum.
BDO is the Philippines’ largest bank in terms of total assets, loans, deposits, and trust funds. – Rappler.com
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