PH’s biggest bank posted P60.6-B profit in first 9 months of 2024

October 28, 2024
8:42AM PHT

The Sy family-led BDO Unibank Inc., the country’s largest and most profitable lender, saw earnings rise 12 percent to P60.6 billion during the first nine months of 2024, thanks to steady gains from its lending and fee-based services.

Nestor Tan 
BDO Unibank president, CEO 

This accounted for 83 percent of earnings last year, when it posted an all-time industry high of P73.4 billion. 

According to BDO, its performance during the first three quarters of 2024 resulted in an annualized return on common equity of 15 percent for the period.

Growing loans 

Customer loans grew by 13 percent, and total deposits rose by 10 percent, with a steady current and savings account ratio at 69 percent. 

Non-interest income saw a strong 16 percent boost, driven by higher fees, treasury and foreign exchange gains, and insurance income. 

Lower risk of debt defaults 

BDO’s asset quality improved, with its non-performing loan ratio (NPL) dropping to 1.82 percent and NPL coverage increasing to 178 percent. 

Shareholders’ equity rose by 13 percent, pushing book value per share to P106.48, the banking giant said. 

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