MANILA, Philippines—The country’s largest lender Banco de Oro Unibank grew its first semester net profit by 20 percent to P5 billion from a year ago on higher interest and non-interest earnings.
Net interest income increased amounted to P17.1 billion on the back of a faster-than-industry loan growth and an improved funding mix, BDO disclosed on Monday.
Gross customer loans expanded by 24 percent to P610.1 billion, with growth experienced in all customer segments.
Non-interest income rose by 22 percent to P10.4 billion which the bank attributed to the healthy growth in fee-based service income and favorable treasury gains.
Service charges and trust fees combined were up 14 percent to P5.9 billion on increased volume from the asset and wealth management, payments and electronic banking, insurance and capital markets businesses.
Trading and foreign exchange gains also grew by 38 percent to P3.6 billion despite challenging market conditions.