BDO 2013 earnings hit record P22.6B

MANILA, Philippines – Earnings of Banco de Oro Unibank Inc. (BDO), the country’s largest bank by assets, reached a record P22.6 billion in 2013, on loan growth and higher trading gains.

BDO, the banking arm of Henry Sy’s SM Investments Corporation, said last year’s net income exceeded its P20.4-billion target and was 56% higher than the P14.5 billion it booked in 2012.

“The bank’s remarkable performance is attributable to increased earnings from its core businesses in conjunction with notable trading gains,” it said in a statement Monday, March 3.

The bank said its net interest income, or income from lending, went up 20% to P43.2 billion as consumer loans grew 19% going over the P900-billion mark. Deposits stood at P1.3 trillion, up 44%.

BDO also realized trading and foreign exchange gains of P12.8 billion. Fee-based income rose 15% to P15.5 billion.

BDO said its non-performing loan ratio fell to 1.6% in 2013 from 2.8% in 2012. Its capital base amounted to P164 billion, the largest in the industry, while its capital adequacy ratio was 15.8%, well above the minimum regulatory requirement. – Rappler.com