BDO nine-month earnings up 12% to P60.6B

FASTER GROWTH BDO Network Bank aims to ramp up lending to businesses, entrepreneurs in the countryside who need funds for expansion. —CONTRIBUTED PHOTO

BDO Unibank Inc., the banking arm of the SM Group, booked a 12-percent growth in net profit in the January to September period driven by its core lending and fee-based service businesses.

The country’s largest bank on Monday said its earnings reached P60.6 billion as customer loans grew by 13 percent.

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Nonperforming loans ratio, a key indicator of asset quality, settled at 1.82 percent.

“BDO remains well-positioned to capitalize on emerging opportunities and sustain long-term growth and profitability with its strong business franchise, solid balance sheet and extensive distribution network,” BDO said in a stock exchange filing.

Analysts earlier said they were expecting another banner year for BDO, especially after booking the highest semestral earnings in Philippine corporate history earlier this year.