Metro Manila (CNN Philippines, April 20) — Banking giant BDO Unibank continued its growth momentum in the first quarter after recording a 41% increase in net income.
In a filing to the local bourse Thursday, the Sy family-led lender said earnings went up to ₱16.5 billion, keeping the group’s strong performance from its 2022 operations.
BDO said the robust figure was buoyed by “solid loan and deposit growth, robust fee-income generation, and improved asset quality.”
It also acknowledged current macroeconomic challenges facing the Philippines given the nagging high inflation and interest rates, but BDO remained optimistic about its growth prospects.
“It is in a good position to weather short-term volatility and capitalize on long-term growth opportunities given its sound balance sheet, established business franchise, and strong and diversified earnings streams,” the bank said.
