BDO Unibank posts ₱39.4 billion income for first half of 2024

BDO Unibank, Inc. (BDO) reported a net income of ₱39.4 billion for the first half of 2024, marking a 12% increase compared to the same period last year.

The growth is attributed to the strong performance of its core intermediation and fee-based service businesses.

The bank’s Annualized Return on Common Equity (ROCE) improved significantly, rising from 14.3% in the first quarter to 15.8% in the second quarter of 2024.

BDO’s Gross Customer Loans saw a 13% increase, covering all market segments, while total deposits also rose by 13%. The Current Account/Savings Account (CASA) ratio remained robust at 69%.

Non-Interest Income grew by 13%, driven by a healthy rise in fee income, treasury operations, and a continuing recovery in life insurance premiums.

Despite the elevated interest rates, BDO’s asset quality remained stable. The Non-Performing Loan (NPL) ratio was 2.06%, with NPL coverage at 169%, surpassing the industry average.

Shareholders’ equity saw a 12% boost due to profitable operations, with the book value per share increasing 12% year-on-year to ₱102.22.

On July 24, 2024, BDO successfully issued its third ASEAN Sustainability Bonds, raising ₱55.7 billion.

The proceeds will finance and refinance eligible projects, aiding in the country’s sustainable development.

BDO’s solid business franchise and strong balance sheet position the bank well to capitalize on emerging opportunities, ensuring sustained long-term growth and profitability.