BDO Unibank Inc. (BDO)
MANILA, Philippines — Sy family-led BDO Unibank Inc. once more broke the document for the very best full-year web revenue in Philippine company historical past in 2024 at P82 billion on beneficial properties from its core companies, with solely its father or mother agency anticipated to compete in opposition to this determine.
In a inventory alternate submitting on Monday, BDO, the nation’s largest lender, mentioned this represented a 12-percent development from P73.4 billion in 2023.
READ: BDO 2024 revenue reaches P82 billion
Alfred Benjamin Garcia, analysis head at AP Securities Inc., instructed the Inquirer that this was the very best web revenue recorded by any firm within the nation.
Loans development
Solely SM Investments Corp., BDO’s father or mother agency, is prone to prime this, because it did final yr, Garcia famous. The conglomerate will report its 2024 earnings later this week.
Article continues after this commercial
BDO mentioned buyer loans climbed by 13 % to P3.2 trillion due primarily to development throughout all segments.
Article continues after this commercial
Because of this, web curiosity revenue expanded by 8 % to P186.6 billion.
Noninterest revenue likewise grew by 8 % on the growth of BDO’s service companies.
Regardless of its mortgage portfolio growth, its nonperforming loans ratio, a key indicator of asset high quality, eased to 1.83 % from 1.85 % beforehand.
“BDO’s established enterprise franchise, sturdy monetary efficiency and vast distribution community make it well-equipped to pursue new alternatives and keep long-term sustainable development and profitability,” the financial institution mentioned in its disclosure.
BDO, the banking arm of the SM Group, opened 71 branches final yr, the vast majority of which have been in provincial areas.
This introduced the financial institution’s community to 1,791 branches.
“Sustained department growth is aligned with the financial institution’s strategic focus of broadening its attain, significantly in underserved areas, and enhancing buyer comfort and accessibility,” BDO mentioned, including that it might additionally proceed investing in digitalization to enhance its bodily shops.
Your subscription couldn’t be saved. Please strive once more.
Your subscription has been profitable.
Final yr, the financial institution additionally issued a complete of P119 billion in Asean (Affiliation of Southeast Asian Nations) sustainability bonds to assist BDO’s initiatives, significantly these targeted on sustainable improvement. INQ
