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BDO Unibank posts ₱18.5 billion profit in Q1 2024, a 12% increase from last year
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BDO Unibank, Inc. reported a ₱18.5 billion net income for Q1 2024, reflecting a 12% year-on-year growth driven by strong core business performance. The bank achieved a 14.3% annualized Return on Common Equity (ROCE) with significant increases in net interest income, customer loans, and deposits.
BDO Unibank, Inc. earned ₱18.5 billion in the first quarter of 2024 on the sustained performance of its core businesses, higher by 12% vs. the comparable period last year. This resulted in an annualized Return on Common Equity (ROCE) of 14.3% for the first quarter of 2024.
Net Interest Income increased by 13% with Gross Customer Loans expanding by 13%. Meanwhile, Deposits expanded by 13%, supported by low-cost Current Account/Savings Account (CASA).
Non-Interest Income rose by 11% on steady growth of fee-based and treasury/FX businesses and recovery in life insurance premiums.
Asset quality remained stable quarter-on-quarter with the Bank’s continued conservative credit and provisioning policies. Non-Performing Loan (NPL) ratio stood at 1.88% while NPL coverage settled at 181%.
Common equity increased by 12% on continued profitable operations. Book value per share improved by 12% year-on-year to ₱99.23.
BDO’s mission to “be the preferred bank in every market it serves” anchors its business philosophy of pursuing long-term growth and profitability, while sustaining market leadership backed by a strong balance sheet and diversified business franchise.
For concerns, please visit any BDO branch nearest you, or contact us thru our 24x7 hotline (+632) 8631-8000 or email us via callcenter@bdo.com.ph.
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