BDO reports 28% higher net income of $1.32b in 2023

Consumer loans and deposits both rose during the period.

BDO Unibank has reported a net income of approximately $1.32b (PHP73.4b) in 2023, 28% higher than its just over $1b (PHP57.1b) net income in 2022.

In its latest financial statements, the Philippines’ largest bank by assets reported that its net interest income grew to $3.35b (PHP186.4b). This was driven by gross consumer loans rising by 9% to $53b (PHP2.95t). All market segments reported growth, according to BDO.

Total deposits rose by 11% to over $64.1b (PHP3.57t), with a CASA ratio of 72%. 

ALSO READ: Philippine bank lending up 7.8% in January: central bank

Non-interest income reached $1.5b (PHP84b), supported by fee-based and treasury- foreign exchange businesses, BDO said. 

The bank’s non-performing loans (NPL) ratio declined to 1.85%. NPL coverage is 185% as of end-2023.

Common Equity Tier 1 (CET1) Ratio is at 13.8%, well ahead of minimum regulatory levels. Book value per share increased by 12% to $1.74b (PHP96.75).

(US$1 = PHP55.62; as of 18 March 2024)