BDO earns P73 billion in 2023 

BDO Unibank Inc., the country’s largest lender, said its net income grew 28 percent last year to P73.4 billion from P57.1 billion in 2022, from growth across its core businesses, according to a report by BusinessMirror.

This translated to a return on common equity of 15.2 percent up from 13 percent in the previous year.

Net interest income grew to P186.4 billion as gross customer loans rose by 9 percent to P2.85 trillion with growth across all market segments, the bank said. Total deposits increased by 11 percent to P3.57 trillion, with a Current Account-Savings Account (Casa) ratio at 72 percent.

Non-interest income reached P84.0 billion, supported by fee-based and treasury foreign exchange businesses.

Revenues expanded at a slightly faster pace than operating expenses growth mostly from volume-related costs, continued network expansion and IT investments.

Asset quality continued to improve, with non-performing loan ratio declining to 1.85 percent and NPL coverage increasing to 185 percent with the its conservative provisioning policy, the bank said.

Common equity strengthened to P509.7 billion, with capital adequacy ratio at 14.9 percent and common equity tier 1 ratio at 13.8 percent, well ahead of minimum regulatory levels. Book value per share increased by 12 percent year-on-year to P96.75.