BDO profit soars to record P82 billion

February 25, 2025 | 12:00am

MANILA, Philippines — Sy-led BDO Unibank Inc. grew its earnings by 12 percent to hit an all-time high of P82 billion in 2024 from P73.4 billion in 2023, driven by strong performance across core businesses.

This translated to a return on average common equity ratio of 15.14 percent for 2024.

In a statement, the country’s biggest bank said its net interest income and non-interest income both increased by eight percent last year amid the expansion in earning assets and growth in its service businesses.

“BDO’s established business franchise, robust financial performance, and wide distribution network make it well-equipped to pursue new opportunities and maintain long-term sustainable growth and profitability,” the bank said.

The bank’s loan portfolio went up by 13 percent to P3.2 trillion driven by double-digit growth across all segments, while its deposit base booked a six percent increase to P3.8 trillion.

The lender’s asset quality remained steady with a non-performing loan ratio of 1.83 percent, lower than the industry ratio of 3.27 percent. NPL coverage was also stable at 145 percent.

According to BDO, shareholders’ equity increased by 11 percent year on year, with book value per share rising by 11 percent to P107.83. The bank’s common equity tier 1 ratio stood at 14.1 percent, well ahead of minimum regulatory levels.

Last year, the lender opened 71 branches nationwide, majority of which are located in rural and provincial areas, bringing the bank’s consolidated network to 1,791 and 5,800 ATMs nationwide.

BDO, the largest bank in terms of total assets, loans, deposits and trust funds under management, also has 16 international offices, including full-service branches in Asia, Europe, North America and the Middle East.

“Sustained branch expansion is aligned with the bank’s strategic focus of broadening its reach, particularly in underserved areas, and enhancing customer convenience and accessibility,” BDO said.

BDO also continues to invest in digital technologies to complement its physical network. This allowed the bank to offer better products, improve customer experience and generate operational productivity.

The Sy-led bank successfully raised P55.7 billion from its third foray into the ASEAN sustainability bond market in July last year. It also raised P63.3 billion from its second ASEAN sustainability bond in January 2024.