BDO Unibank, Inc. Reported P60.6 Billion in Net Income for 9M24

BDO Unibank, lnc.'s (BDO) net profit grew 12% year-on-year (YoY) to P60.6 billion in the first nine months of 2024, driven by the sustained contribution of its core intermediation and fee-based service businesses. Annualized Return on Common Equity (ROCE) stood at 15% in the 9M 2024 period.

Gross Customer Loans increased 13% YoY on broad-based growth across all market segments, while total deposits expanded 10% YoY. Current Account/Savings Account (CASA) deposit ratio remained steady quarter-on-quarter (QoQ) at 69%.

Non-Interest Income rose strongly by 16% YoY with robust growth in fees and service charges, treasury and forex gains and income from insurance operations.

Asset quality improved YoY and QoQ with Non-Performing Loan (NPL) ratio declining to 1.82% and NPL coverage increasing to 178%.

Shareholders' equity strengthened 13% YoY on continued profitable operations, with Book Value Per Share growing 13% YoY to P106.48.

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 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 on line and non-online stock brokerage services.

BDO has the country's largest distribution network, with over 1,700 consolidated operating branches and more than 5,700 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 June 30, 2024.