At its annual shareholders' meeting, BDO Unibank, Inc. (BDO) reported an audited net income of P10.5 billion in 2011. This is in line with its earnings guidance and represents a 19 percent growth over the P8.8 billion net profit posted in 2010.
BDO expanded its loan portfolio by 24 percent to P670.1 billion, outpacing the industry's 19 percent loan growth. The bank also sustained the robust growth in low-cost deposit leading a 10 percent increase in total deposits to P858.6 billion. Meanwhile, non interest income grew 17 percent to P20.9 billion, with recurring fee-based service income rising 18 percent to P12.3 billion.
For the first quarter of 2012, BDO announced an unaudited net income of P2.8 billion, 15 percent higher than the P2.4 billion posted in the first quarter of 2011. Gross customer loans continued to expand by 23 percent year-on-year, while total deposits increased by 14 percent. Net interest income was flat as interest rates remained relatively low, although gross interest income from loans and receivables increased 14 percent. Non-interest income on the other hand grew 8 percent, primarily from trading and fees. The Bank set aside provisions of P1.3 billion with gross non-performing loan (NPL) ratio steady at 3.5 percent while NPL cover moved up to 110 percent.
"Moving forward, we optimistic about the country's prospects. We recently announced a USD1 billion capital raising program intended to support the growth of the Bank amidst the positive sentiments on the economy. At the same time, the program will strengthen the Bank's capital position ahead of the more stringent requirements under the Basel III, " stated BDO Chairperson Teresita T. Sy.
The Bank disclosed an income guidance of P12.5 billion for the year 2012. - https://www.affordablecebu.com/
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"BDO sustains growth momentum" was written by Mary under the Banking category. It has been read 2292 times and generated 0 comments. The article was created on 20 April 2012 and updated on 20 April 2012.
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