BDO Unibank, Inc. Reported P73.4 Billion in Net Income in FY2023, P18.5 Billion in Q12024

During BDO Unibank, Inc.'s (BDO) 2024 Annual Stockholders' Meeting, President and CEO Nestor V. Tan revealed that the bank's net income increased from P57.1 billion in 2022 to P73.4 billion in 2023 due to development in its core businesses. The Bank maintained its momentum in the first quarter of 2024, with net income up 12% to P18.5 billion from P16.5 billion in the same period last year. Return on Common Equity (ROCE) stood at 14.3% in the first quarter of 2024. 

BDO also announced that the bank's consolidation of ownership in the Podium complex at Ortigas Center had been completed, with investors approving the merger between BDO and SM Keppel Land, Inc. (SM Keppel), with BDO as the surviving business. The combination is still pending regulatory approvals and is scheduled to be finalized in the second half of 2024.
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Despite ongoing macroeconomic problems, BDO is cautiously optimistic, with the bank well-positioned to achieve long-term growth and profitability thanks to its strong business franchise, market leadership, and robust capital structure.

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.