BDO Unibank Inc. (BDO) recorded a net income of P44.2 billion in 2019 from P32.7 billion in 2018 on the strong performance of its core recurring income sources.

The results exceeded the bank’s P38.5 billion guidance and translate to a Return on Common Equity of 12.8 percent from 10.7 percent the year before.

Net interest income went up to P119.9 billion from P98.3 billion. Net Interest Margin improved on continued Current Account/Savings Account (Casa) growth and improving loan mix in favor of consumer and middle market customers.

Customer loans rose by nine percent to P2.2 trillion on broad-based growth across market segments. Total deposits grew by three percent to P2.5 trillion, bolstered by the eight percent increase in low-cost Casa deposits that comprised 73 percent of total deposits. (PR)