BDO Unibank, Inc. Earnings at P18.5 Billion in Q124

BDO Unibank, Inc. earned P18.5 billion in the first quarter of 2024 due to the continued strength of its core businesses, up 12% from the same period last year. This yielded an annualized Return on Common Equity (ROCE) of 14.3% in the first quarter of 2024.

Net Interest Income climbed by 13%, while Gross Customer Loans grew by 13%. Meanwhile, deposits increased by 13%, helped by the low-cost Current Account/Savings Account (CASA).

Non-interest income increased by 11% due to stable growth in the fee-based and Treasury/FX sectors, as well as a recovery in life insurance premiums.

Asset quality remained consistent from quarter to quarter due to the bank's sustained conservative credit and provisioning policies. The non-performing loan (NPL) ratio was 1.88%, with NPL coverage at 181%.
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Common equity rose by 12% as operations remained profitable. Book value per share increased by 12% year-on-year to P99.23.

BDO's objective to "be the preferred bank in every market it serves" underpins its business philosophy of pursuing long-term development and profitability while maintaining market leadership, which is supported by a strong balance sheet and diverse business franchise.

​BDO is a full-service universal bank which provides a wide range of corporate and retail services such as loan and deposit products, treasury, trust banking, investment banking, private banking, rural banking and microfinance, cash management, leasing and finance, remittance, life insurance, property & casualty insurance brokerage, cash cards, credit cards, and online and non-online stock brokerage services.

BDO has the country’s largest distribution network, with over 1,700 consolidated operating branches and more than 5,500 teller machines nationwide. It also has 16 international offices (including full-service branches in Hong Kong and Singapore) in Asia, Europe, North America and the Middle East.

The Bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.

​BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of December 31, 2023.