BDO nets record high P25B
THE COUNTRY’S largest lender BDO Unibank Inc. racked up a record-high net profit of P25 billion for 2015, matching its earnings guidance for the year despite a challenging operating environment.
The bank grew its net profit last year by 10 percent. It also achieved another milestone by ending last year with assets breaching P2 trillion, the first Philippine bank to do so, the Sy family-led bank said in a disclosure to the Philippine Stock Exchange on Monday.
BDO said the sustained expansion in lending, deposit-taking and fee-based businesses had driven this performance last year.
The bank’s customer loan portfolio grew by 17 percent to P1.3 trillion, outpacing the industry’s growth of 13 percent.
Total deposits expanded by 12 percent to P1.7 trillion, underpinned by the faster 19 percent jump in low-cost deposits.
