BDO Unibank posts a net income of P16.5 billion for the first quarter of 2023, 41% higher than its profits for the same period last year.
MANILA, Philippines – BDO Unibank posted a net income of P16.5 billion for the first quarter of 2023, 41% higher than its profits for the same period last year. But with elevated inflation and interest rates, the universal bank cautioned that it isn’t quite out of the woods yet.
Looking at the bank’s balance sheet, gross customer loans grew by 8% to P2.6 trillion while total deposits rose by 14% to P3.2 trillion. BDO also maintained a liquidity ratio of 35% to mitigate against unforeseen events. For the rest of 2023, Tan said loan growth could range from 8% to 10% and that net income margins would remain stable or improve further. Fee income is also expected to continue growing.for the year, increasing regular quarterly cash dividends to P0.75 per common share starting in the first quarter.The Sy-led bank plans to upgrade its digital capabilities, with investments in infrastructure, cybersecurity, and operating processes nearly complete.
“Cybersecurity, it’s about resiliency. We will get hit, there’s no question. It’s a question of how fast you recover, and how fast you minimize it. IT infrastructure is how well does your infrastructure work so you can be nimble and agile, adding capacity. We’re moving now to a cloud-based API plug-and-play environment, which will allow us to do that,” the CEO said.
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