THE BDO Unibank Inc. (BDO) sustained its momentum as it delivered P20.2 billion in earnings for the first six months of the year on strong recurring earnings from its core businesses, solid growth in fee income and normalization of trading and forex gains.
Net interest income increased by 24 percent to P56.9 billion as net interest margins improved to 3.99 percent from 3.50 percent last year. Gross customer loans grew by seven percent to P2.0 trillion, as the bank continued to generate double-digit growth in the consumer and middle market segments.
Meanwhile, total deposits went up by three percent to P2.4 trillion, reflective of customers’ shift to higher-yielding fixed income investments, primarily bank-issued bonds.
The bank’s casa ratio, however, was maintained at 70 percent.
Non-interest income was up 29 percent to P29.5 billion as fee-based income and insurance premiums posted double-digit growth. Further, trading and forex gains normalized at P3.6 billion on favorable capital market conditions. Operating expenses grew by 21 percent. (PR)