earnings reports

BDO profits back to pre-pandemic levels

Ralf Rivas
BDO profits back to pre-pandemic levels

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BDO's profits for the first nine months of 2021 grow to P32.4 billion

Profits of BDO Unibank returned to pre-pandemic levels, as the bank significantly lowered its provisions for loan losses.

From January to September, BDO’s net income stood at P32.4 billion, 95% higher than the P16.6 billion it earned during the same period a year ago and around the same level in 2019.

Gross customer loans grew 5%, while total deposits went up by 6%. 

Non-interest income increased by 13%. The bank’s earnings from service charges and insurance premiums also grew during the first nine months.

Net interest income, however, went down by 2.2%.

BDO said its asset quality remained stable, with its non-performing loans ratio at 3.1%.

The outlook of the Sy-led bank also turned positive, as coronavirus vaccination rates grew and mobility in the country improved.

“[The] bank has now vaccinated 95% of its employees against COVID-19, thus raising the level of safety for clients and bank personnel,” it said.

BDO is the Philippines’ largest bank in terms of total assets, loans, deposits, and trust funds. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.