BDO income up 257% in Q1

Aya Lowe
BDO records a record net income of P10 billion for the first quarter of 2013


RECORD INCREASE. BDO president Nestor Tan reports the record income of BDO in the first quarter in an April 19 briefing. Photo by Aya Lowe

MANILA, Philippines – For the first quarter of 2013, Henry Sy-led BDO Unibank Inc. announced an unaudited net income of P10 billion, 257% higher than the P2.8 billion posted in the first quarter of 2012.

Speaking at a press briefing before the BDO stockholders event on Friday April 19, BDO president Nestor Tan said their guidance for 2013 is a net income of P20.4 billion, or an increase of 43% over 2012.

“We expect 2012 performance to carry over to 2013. The drivers of that would be consumer middle market,” said Tan.

Gross customers loans continued to expand by 16% year on year while total deposits increased by 9% leading to a 14% increase in net interest income to P9.6 billion. 

Non-interest income also increase 130% driven by fee-based service income and exceptional trading gains.

“The good news will continue possibly to be helped by the roll out of the PPP projects because it will have a strong impact on the economy because of a multiplier effect. We have been helped in terms of a very buoyant stock market and favorable exchange rates,” said Tan.

“The risk will remain the same. The liquidity, the low interest rates, the potential asset bubble which we are all conscious of since 1997, the geopolitical disputes and the reversal investment flow,” he added

When asked about international expansion plans, Tan said that they were looking at their option of expanding regionally but not in the short term.

“There is a lot of room for us to gain business locally. We are going to be planting some seeds as to our international expansion and that won’t have an impact immediately but in the meantime you’ll see us trying to strengthen our position locally,” said Tan. –

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