BDO sets new record as 2024 income surges to ₱82B

BDO Unibank Inc. (BDO)

MANILA, Philippines — Sy family-led BDO Unibank Inc. again broke the record for the highest full-year net income in Philippine corporate history in 2024 at P82 billion on gains from its core businesses, with only its parent firm expected to compete against this figure.

In a stock exchange filing on Monday, BDO, the country’s largest lender, said this represented a 12-percent growth from P73.4 billion in 2023.

READ: BDO 2024 income reaches P82 billion

Alfred Benjamin Garcia, research head at AP Securities Inc., told the Inquirer that this was the highest net profit recorded by any company in the country.

Loans growth

Only SM Investments Corp., BDO’s parent firm, is likely to top this, as it did last year, Garcia noted. The conglomerate will report its 2024 earnings later this week.

BDO said customer loans climbed by 13 percent to P3.2 trillion due mainly to growth across all segments.

As a result, net interest income expanded by 8 percent to P186.6 billion.

Noninterest income likewise grew by 8 percent on the expansion of BDO’s service businesses.

Despite its loan portfolio expansion, its nonperforming loans ratio, a key indicator of asset quality, eased to 1.83 percent from 1.85 percent previously.

“BDO’s established business franchise, robust financial performance and wide distribution network make it well-equipped to pursue new opportunities and maintain long-term sustainable growth and profitability,” the bank said in its disclosure.

BDO, the banking arm of the SM Group, opened 71 branches last year, the majority of which were in provincial areas.

This brought the bank’s network to 1,791 branches.

“Sustained branch expansion is aligned with the bank’s strategic focus of broadening its reach, particularly in underserved areas, and enhancing customer convenience and accessibility,” BDO said, adding that it would also continue investing in digitalization to complement its physical stores.

Last year, the bank also issued a total of P119 billion in Asean (Association of Southeast Asian Nations) sustainability bonds to support BDO’s initiatives, particularly those focused on sustainable development. INQ