Screengrab from www.bdo.com.ph
The country’s leading lender BDO Unibank chalked up a record high net profit of P28.1 billion for 2017, meeting the target it had set out early in the year.
The bank’s net profit grew by 7 percent last year on the back of higher earnings from its lending activities as well as fee-based businesses.
Excluding the consolidation effects of the life insurance business, last year’s performance marked a 15-percent improvement in core profitability.
Net interest income rose by 25 percent last year to P81.8 billion, supported by an 18-percent expansion in the lending book across all loan segments.
The expansion in earnings assets was funded by an 11-percent growth in deposits to P2.1 billion. Low -cost deposits grew by 12 percent and accounted for 73 percent of total deposits.
Non-interest income went up by 13 percent to P47.2 billion, with fee-based income accounting for a 30-percent expansion. In addition, insurance premiums rose by 23 percent to P9.9 billion. These compensated for the expected 20-percent decline in securities and foreign exchange trading gains to P3.9 billion.