BDO makes history, posts H1 profit of P39.4B
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BDO makes history, posts H1 profit of P39.4B

Sy family-led BDO Unibank Inc. made corporate history after posting a 12-percent hike in net income in the first half to P39.4 billion.

According to Jose Antonio Cipres, research analyst at AP Securities Inc., this was the highest semestral earnings yielded by a local company, marking another record for the Sy family’s banking arm.

BDO said in a statement that its earnings climbed in the January to June period due to the “stronger” performance of its core intermediation and fee-based service businesses.

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Core intermediation refers to the bank’s function as a “bridge” between lenders and borrowers.

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Cipres told the Inquirer that “as BDO’s first half earnings remain in line with our estimates of P80.3 billion for full year 2024, we are expecting yet another banner year for BDO.”

BDO data show that its interest income expanded by 11 percent to P99.6 billion in the first half as consumer loans across all market segments increased.

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Noninterest income grew by 13 percent to P43.3 billion on higher foreign exchange gains, as well as an increase in service charges and fees.

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“BDO’s robust business franchise and strong balance sheet place the bank in a suitable position to capitalize on emerging opportunities to sustain attractive long-term growth and profitability,” the country’s largest bank said.

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Nonperforming loans ratio, a key indicator of a bank’s asset quality as it counts the borrowers that are unable to pay loans, settled at 2.06 percent of total loans from 1.95 percent in the same period last year.

Return on common equity improved to 15.8 percent from 14.3 percent. Total assets were at P4.7 trillion.

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Last year, BDO recorded the highest full-year net income in Philippine corporate history at P73.4 billion.

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TAGS: BDO, Business

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