BDO net income up 12% in first 6 months

BDO Unibank Inc. (BDO) grew its net income by 12 percent year-on-year to P23.9 billion in the first half of 2022 on strong results across its core businesses.

Customer loan portfolio went up by 9 percent, funded by an 11-percent rise in CASA (current account savings account) deposits which now comprise 85 percent of total deposits.

Non-interest income expanded to P34.3 billion, lifted by the strong expansion in fees and insurance premiums.

Pre-provision operating profit was up to P39.2 billion reflective of the strength of core income sources amid tempered rise in operational expenses.

Asset quality sustained its improvement as nonperforming loan-to-total loans ratio went down further to 2.39 percent vs. 2.72 percent a quarter ago and 3.12 percent a year ago.

BDO continues to roll out new digital capabilities and self-service technologies across branches to make banking services more accessible, easier to use and operationally efficient.

These branch innovations include paperless straight through processing capability, covering  80 percent of branch transactions , and card less automated teller machine (ATM) transactions using biometrics (fingerprint scan or facial recognition) and QR codes.

The bank is now also offering its mobile wallet, BDO Pay, to non-BDO account holders. BDO Pay does not require any initial deposit nor maintaining balance, and currently allows fund transfers to other bank accounts without cost.