BDO nets P20.4B

Screengrab from www.bdo.com.ph

The country’s leading lender BDO Unibank chalked up P20.4 billion in net profit in the first nine months, up by 5 percent year-on-year on steady increase in core lending and fee-based businesses.

Excluding extraordinary items, BDO’s net income would have expanded by 17 percent year-on-year, the bank disclosed to the Philippine Stock Exchange on Monday.

One-off items were related to the consolidation of BDO’s life insurance business last year.

In the first nine months of this year, BDO’s net interest income rose by 23 percent year-on-year to P59.8 billion, driven by the 18-percent rise in customer loan portfolio to P1.7 trillion.

BDO reported broad-based expansion across all loan market segments.

Nine-month non-interest income rose by 9 percent year-on-year to P34.8 billion on a double-digit rise in fee-based income and insurance premiums, which made up for the decline in trading and foreign exchange income.