BDO chalks up record-high net profit in first 9.months

INQUIRER FILE PHOTO

MANILA, Philippines — The country’s leading lender Banco de Oro Unibank chalked up a record-high net profit of P18.2 billion in the first nine months, 73 percent year-on-year, on a double-digit rise in interest earnings, fee-based and treasury gains.

This puts the banking arm of tycoon Henry Sy “on track” and “very optimistic” to hit its P20.4-billion profit guidance for 2013, BDO president Nestor Tan said.

“Our core businesses continued to deliver very good numbers despite pressures from excess system liquidity and capital market volatility,” Tan said.

Net interest income rose by 16 percent year-on-year to P31 billion, supported by the growth in loan book. Gross customer loans expanded by 17 percent to P846.4 billion as the bank cited a “broad-based” expansion across key markets.

Non-interest likewise went up by 36 percent to P25.8 billion from a year ago on a double-digit expansion in both fee-based as well as trading and foreign exchange gains.