BDO aims for P26B profit this year

THE COUNTRY’S leading lender Banco de Oro Unibank sees net profit growing by 4 percent this year to a record-high P26 billion on the back of a double-digit growth in interest earnings.

In the first quarter, the bank’s net profit fell by 11 percent year-on-year to P5.5 billion due to the decline in non-interest income, BDO president Nestor Tan said in a press briefing ahead of the bank’s stockholders meeting on Friday.

For the full year 2016, BDO’s net interest income is projected to rise by 18 percent while non-interest income is seen to decline by 3 percent.

The projected net profit of P26 billion this year is seen to translate to a return on equity of 12.5 to 13 percent, Tan said.