BDO’s 1H net profit at P11.7B

THE COUNTRY’S largest lender Banco de Oro Unibank chalked up a net profit of P11.7 billion in the first six months, up by 5.9 percent year-on-year, as higher treasury earnings complemented growth in core lending activities.

In a disclosure to the Philippine Stock Exchange on Monday, the SM-led bank attributed the earnings growth to the sustained expansion in its lending and deposit-taking activities while noting that it had kept operating expenses under control.

The bank reported that its loan book had expanded by 16 percent year-on-year to P1.1 trillion over the six-month period.

Net interest income grew by 10 percent year-on-year to P27.1 billion but BDO said growth was capped by abundant liquidity in the financial system.

Income from fee-based services and treasury activities increased by 14 percent, boosting overall performance.

BDO’s recurring revenues accounted for 83 percent of total operating income, the bank said.