MANILA, Philippines – BDO Unibank posted a net income of P11.7 billion in the first quarter of 2022, a 13% increase, driven by higher loans and interest income.

Gross revenues reached P53.9 billion, 6% higher than the first three months a year ago. Net interest income was up by 6% to P33.9 billion, while non-interest income surged 9% to P16.7 billion.

BDO’s loan portfolio rose by 7% to P2.4 trillion, with the Sy-led bank owing the increase to “strong demand from corporate borrowers, the recovery in the middle market, and the resilience of the consumer segment.”

Meanwhile, total deposits went up to P2.8 trillion driven by the 11% increase in current and savings account deposits.

BDO’s board of directors approved a special cash dividend on common shares in the amount of P1 per share, which will be payable on May 31 to all stockholders on record as of May 6. – Rappler.com