Metro Manila, Philippines – BDO Unibank, Inc. (BDO) reported a net income of ₱20.1 billion in the first quarter, 2 percent higher than ₱19.7 billion in the same period last year, supported by the sustained performance of its core businesses. Return on average common equity stood at 12.8 percent for the period.
In a statement, the bank said it delivered strong operational results, achieving mid-teens growth in loans and pre-provision operating profit, with asset quality continuing to improve. Net income was tempered by higher provisions, primarily a pre‑emptive measure undertaken in response to evolving geo-political risk conditions.
It said net interest income grew by 11 percent as gross customer loans increased by 16 percent to ₱3.8 trillion, boosted by the double-digit growth across all market segments. Total deposits expanded by 15 percent, with current account/savings account growth accelerating to 7 percent. Non-interest income went up by 6 percent, while income from insurance operations rose by 27 percent.
Asset quality improved, with the non-performing loan (NPL) ratio declining to 1.68 percent from 1.77 percent in the same period last year. NPL coverage was at 132 percent.
Shareholders’ equity increased by 9 percent, on the back of sustained earnings, with book value per share rising by 8 percent to ₱119.36.
