BDO Unibank, Inc. (BDO), has announced robust financial results for the first quarter of 2024, with earnings reaching PHP18.5 billion. This represents a notable 12% increase compared to the same period last year, underpinned by the sustained performance of its core operations.

The bank achieved an annualized Return on Common Equity (ROCE) of 14.3% for the first quarter of 2024, reflecting its efficient utilization of resources and effective management strategies. Key drivers of the bank’s strong performance include a 13% increase in Net Interest Income, fueled by a corresponding expansion of 13% in Gross Customer Loans. Additionally, Deposits grew by 13%, buoyed by the robust growth of low-cost Current Account/Savings Account (CASA) deposits.

Non-Interest Income also saw significant growth, rising by 11% on the back of steady expansion in fee-based and treasury/FX businesses, as well as a recovery in life insurance premiums.

Maintaining its commitment to prudent risk management, BDO sustained stable asset quality during the quarter. The bank’s conservative credit and provisioning policies contributed to a Non-Performing Loan (NPL) ratio of 1.88%, with NPL coverage reaching 181%.

On the otherhand, common equity increased by 12%, reflecting the bank’s sustained profitability and operational efficiency. Book value per share improved by 12% year-on-year, reaching PHP99.23.

BDO’s strategic vision, encapsulated in its mission to “be the preferred bank in every market it serves,” underscores its dedication to long-term growth and profitability. The bank’s approach emphasizes maintaining market leadership through a strong balance sheet and a diversified business franchise.


ABOUT THE AUTHOR

Robert “Bob” Reyes is a technologist, an ICT Consultant and Tech Speaker, a certified Google IT Support Specialist, and an Open Source advocate representing the global non-profit Mozilla (makers of Firefox) in the Philippines. Bob is a Technology Columnist for the Manila Bulletin Publishing Corporation and an aviation subject matter expert contributor for Spot.PH.

Follow The Filipino Tech Explainer on Facebook and X/Twitter.

If you liked my articles or any of the contents or if The Filipino Tech Explainer has helped you in any way, you can buy me a coffee and share your thoughts. Help me continue producing awesome articles by supporting my website. Maraming salamat po! Thank you very much!

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0

Leave a Reply