Metro Manila (CNN Philippines, April 22) — BDO Unibank Inc. announced Friday a net income of ₱11.7 billion for the first three months of 2022, a 13% annual increase driven by growth among the bank’s core businesses.
In a local stock exchange disclosure, the Sy-led bank reported a loan portfolio of ₱2.4 trillion for the period. It attributed the 7% growth to “strong demand from corporate borrows, the recovery in the middle market, and the resilience of the consumer segment.”
Deposits to BDO climbed to ₱2.8 trillion, mainly driven by the 11% year-on-year jump in Current Account/Savings Account (CASA) deposits.
The listed financial institution likewise reported a net interest income of ₱33.9 billion, 6% higher than January to March 2021 figures.
BDO also posted a 9% rise in its non-interest income, which hit ₱16.7 billion in the first quarter. It said its trading and foreign exchange gains were also “in line with normalized business levels.”
The bank’s non-performing loan ratio stood at 2.72% as of end-March, easing from 2.81% during the same period last year.
However, BDO said it kept its “conservative” credit and provisioning policy as it set aside loan loss provisions of ₱3.7 billion. Higher than ₱2.9 billion last year, this yielded a higher nonperforming loan (NPL) coverage ratio of 120.8%.
“BDO’s sustained earnings performance, robust business franchise, and solid capital base place the Bank in a good position for long-term sustainable growth,” it said.
