BDO named ‘best domestic bank’

MANILA, Philippines–The country’s largest bank, Banco de Oro Unibank, has bagged another “best domestic bank” distinction, this time from business and finance magazine Asiamoney.

Asiamoney, a division of global media group Euromoney Institutional Investor PLC, said in a statement: “The bank stands tallest for assets, loans, and deposits, possessing respective market shares of 17 percent, 20 percent and 18 percent in the first quarter of 2014.”

The award was given during the Asiamoney Best Bank Awards 2014.

In giving this distinction, the publication highlighted BDO’s continued efforts to grow its branch network, expanding its branches by 7 percent in 2013 and adding more in the first quarter of 2014 to reach 822.

“This enlarged presence helped it post P22.6 net income in 2013, 56 percent up year on year,” the magazine said.

The same publication earlier recognized BDO as the “best managed company” in the Philippines in its 25th anniversary Special Edition that featured Asia’s list of Best of the Best Managed Companies.

BDO joined other organizations that were handpicked based on performance, achievements and financial fundamentals. The barometer used by Asiamoney suggested that the bank had been a consistent performer over the years.

Led by the SM group, BDO is the Philippines’ largest bank in terms of total assets, loans, deposits, capital and trust funds under management as of the second quarter of 2014.

In 2013, BDO won the prestigious “Best Asian Bank” award from FinanceAsia, the first time this distinction was earned by a Philippine bank.–Doris C. Dumlao