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