BDO reports net income of P22.6 B in 2013

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MANILA, Philippines – The country’s largest lender, Banco de Oro Unibank, chalked up a record-high net profit of P22.6 billion in 2013, exceeding its earnings guidance and beating the performance of all other banking peers for the year.

In a statement on Monday, BDO said its net profit last year jumped by 56 percent over the P14.5 billion profit in 2012.

The bank attributed its landmark earnings from its core businesses in conjunction with notable trading gains. Primary commercial banking business continued its robust growth with net interest income rising by 20 percent year-on-year to P43.2 billion.

Customer loans expanded by 19 percent to breach the P900-billion mark. On the other hand, total deposits ended the year at P1.3 trillion or an upsurge of 44 percent.

Accompanying earnings from its lending and deposit-taking activities, BDO also booked P12.8 billion in trading and foreign exchange gains.

Fee-based income also continued to show steady improvement as it reached P15.5 billion, or an increase of 15 percent.