BDO 1Q2024 Earnings at PHP18.5B

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BDO Unibank, Inc. (BDO) has proudly unveiled its stellar financial performance for the initial quarter of 2024, boasting an impressive PHP18.5 billion in earnings during the bank’s annual stockholders meeting in Pasay City today. This remarkable achievement marks a substantial 12% surge compared to the corresponding period last year, showcasing the bank’s steadfast commitment to excellence across its core operations.

Highlighted by an annualized Return on Common Equity (ROCE) of 14.3% for the first quarter of 2024, BDO’s success is a testament to its adept resource management and effective strategic direction.

Fueling this outstanding performance were several key factors, including a remarkable 13% uptick in Net Interest Income, paralleled by a corresponding expansion of 13% in Gross Customer Loans. Moreover, Deposits experienced a robust 13% growth, driven by the flourishing low-cost Current Account/Savings Account (CASA) deposits.

The bank’s Non-Interest Income also soared, climbing by an impressive 11% due to the steady expansion in fee-based and treasury/FX businesses, alongside a notable recovery in life insurance premiums.

Emphasizing its unwavering commitment to sound risk management practices, BDO maintained stable asset quality throughout the quarter. This was evidenced by the bank’s conservative credit and provisioning policies, which contributed to a commendable Non-Performing Loan (NPL) ratio of 1.88%, complemented by a robust NPL coverage of 181%. Common equity experienced a substantial 12% increase, reflecting BDO’s sustained profitability and operational efficiency. Notably, Book value per share surged by 12% year-on-year, reaching an impressive PHP99.23.

BDO’s overarching mission, encapsulated in its aspiration to “be the preferred bank in every market it serves,” underscores its steadfast dedication to long-term growth and profitability. Central to its strategic approach is the maintenance of market leadership through a resilient balance sheet and a diversified business portfolio.

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