BDO Unibank, Inc. has announced a robust financial performance for the first quarter of 2024, with earnings reaching ₱18.5 billion, a 12% increase compared to the same period last year.
The growth is attributed to the continued strength of its core lending and fee-based businesses, achieving an annualized Return on Common Equity (ROCE) of 14.3%.
The bank reported significant developments across its operations, with Net Interest Income rising by 13% due to an expansion in Gross Customer Loans and Deposits, each also increasing by 13%.
The rise in deposits was bolstered by a strong inflow in low-cost Current Account/Savings Account (CASA) options.
Non-Interest Income saw an 11% increase, propelled by the consistent performance of fee-based activities and treasury/foreign exchange operations, along with a recovery in life insurance premiums.
Maintaining a stable asset quality, BDO’s Non-Performing Loan (NPL) ratio stood firm at 1.88%, with an NPL coverage ratio of 181%, reflecting the bank’s conservative credit and provisioning policies.
The bank’s capital strength continued to grow with Common Equity up by 12%, and the Book Value per Share increasing by 12% year-on-year to ₱99.23. The bank’s share price also reflected positive movements, registering a 15% increase year-to-date, standing at ₱150.00 compared to ₱130.50 at the end of 2023.
