BDO Unibank, the country’s largest lender, has reclaimed the title of “Best Bank in the Philippines” based on the metrics of London-based financial publication Euromoney.
Euromoney said “the award returns to BDO this year, the biggest bank in the Philippines and one in excellent health,” highlighting the 2016 financial performance of the bank, including its consistently strong capital base.
“Last year, it delivered the highest profits ever in the industry and did so with a 15 percent rise in net interest income; 16 percent expansion of the loan portfolio; 15 percent increase in total deposits and a 15 percent rise in fee-based income,” it said in a statement.
BDO had won Euromoney’s “Best Bank” citation for many years except in 2016, when this award was won by Security Bank.
In restoring the award to BDO for 2017, Euromoney also noted the bank’s solid capital base, which it further strengthened in January 2017 when it successfully completed its rights offer, raising a total of P60 billion in fresh capital and boosting the bank’s consolidated capital adequacy ratio to an estimated 15.7 percent of risk assets.
“BDO is seeking new niches and markets. Key imperatives are reaching more remote parts of the Philippines and supporting microenterprises all over the country. Life insurance is growing after the assumption of full control over the bank’s joint venture with Generali. Wealth management has great potential through a joint venture with Nomura Group, and there is progress in auto financing and digital infrastructure,” the statement added.
Euromoney Awards for Excellence was established in 1992 and was the first of its kind in the global banking industry.
Euromoney has been the leading publication for covering the growth of international finance for nearly 50 years.—DORIS DUMLAO-ABADILLA