Metro Manila (CNN Philippines, February 24) — The country’s largest lender BDO Unibank saw its net income soar to ₱42.8 billion in 2021, 51% higher than the ₱28.2 billion recorded a year earlier.
In a disclosure Thursday, the Sy-led banking giant said its earnings last year were driven by “an 11% increase in non-interest income and normalized provisions.”
“This reflects the bank’s operational resiliency notwithstanding COVID-19 related headwinds depressing loan activity for much of 2021,” the company said.
BDO also said the group’s overall business performance has been “improving,” with loan growth outpacing the industry, as the national government moved to ease COVID-19 restrictions.
Total deposits in the period climbed by 8% year-on-year, buoyed by the 13% year-on-year expansion in current account/savings account deposits.
The bank’s total capital base also rose to ₱424.5 billion while the capital adequacy ratio was at 14.6% – above the regulatory minimum, BDO said.
BDO has over 1,500 operating branches and more than 4,400 ATMs across the Philippines, on top of 18 international offices.
