BDO H1 2024 earnings up 12% to P39.4 billion

BDO Unibank Inc.’s earnings from January to June 2024 jump by 12 percent to P39.4 billion on the “stronger” performance of its core intermediation and fee-based service businesses. Photo from BDO/website

MANILA, Philippines — BDO Unibank Inc.’s earnings from January to June 2024 jumped by 12 percent to P39.4 billion on the “stronger” performance of its core intermediation and fee-based service businesses.

Net interest income at the country’s largest bank expanded by 11 percent to P99.6 billion as consumer loans across all market segments increased.

Noninterest income grew by 13 percent to P43.3 billion on higher foreign exchange gains, as well as on 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 Sy family-led bank said in a statement on Monday, July 29.

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Nonperforming loans ratio, which measures a borrower’s capacity to repay loans, settled at 2.06 percent from 1.95 percent.

Return on common equity improved to 15.8 percent from 14.3 percent.

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