BDO Unibank net profit grows 54% in 1st semester

MANILA, Philippines–The country’s leading lender BDO Unibank grew its net profit in the first semester by 54 percent year-on-year to P20.2 billion on stronger earnings from its lending, fee-based and treasury businesses.

The six-month net profit accounted for 52.5 percent of BDO’s full-year bottomline goal of P38.5 billion and outperformed market consensus forecast.

In a disclosure to the Philippine Stock Exchange on Friday, BDO reported that its net interest income had increased by 24 percent to P56.9 billion as net interest margins (NIMs) improved to 3.99 percent from 3.5 percent in the same period last year.

Gross customer loan book grew by 7 percent to P2 trillion, driven by a double-digit growth in the consumer and middle market segments.

Six-month non-interest income went up by 29 percent to P29.5 billion as fee-based income and insurance premiums posted double-digit growth. Further, trading and foreign gains amounted to P3.6 billion on favorable capital market conditions, reversing the P78 million loss in the previous year. /jpv