BDO Unibank Inc., the country’s largest lender led by the Sy Group, said Tuesday net income in the first quarter jumped 41 percent to P16.5 billion from P11.7 billion a year ago on the back of broad-based growth across businesses.
jumped 41 percent to P16.5 billion from P11.7 billion a year ago on the back of broad-based growth across businesses.
“While macroeconomic challenges persist with still elevated inflation and interest rates, the bank believes it is in a good position to weather short-term volatility and capitalize on long-term growth opportunities given its sound balance sheet, established business franchise and strong and diversified earnings streams,” it said in a statement.
BDO said that given the uncertainty, it maintained a healthy balance between loan growth and sufficient liquidity for unforeseen events, maintaining its liquidity ratio at 35 percent.Net interest income grew to P43.4 billion, while non-interest income rose to P18.9 billion, bolstered by solid growth in the various fee-based and treasury/foreign exchange businesses.
The bank also sustained its IT investments and branch expansion with 97 new branches opened since the first quarter of 2022. Revenue growth continued to outpace operating expenses growth, resulting in pre-provision operating profit accelerating to P24.9 billion.
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