BDO Unibank Inc. (BDO) delivered a net income of P73.4 billion in 2023 from P57.1 billion in 2022, from growth across its core businesses.
This translated to a return on common equity of 15.2 percent, up from 13 percent in the previous year.
Net interest income grew to P186.4 billion as gross customer loans rose by nine percent to P2.85 trillion with growth across all market segments.
Total deposits increased by 11 percent to P3.57 trillion, with current accounts and savings account ratio at 72 percent.
Non-interest income reached P84 billion, supported by fee-based and treasury/FX businesses.
Pre-provision operating profit recorded a 27 percent growth at P113.6 billion, with sustained positive operating leverage.
Revenues expanded at a slightly faster pace than operating expenses growth mostly from volume-related costs, continued network expansion and IT investments.
Asset quality continued to improve, with the non-performing loan ratio (NPL) declining to 1.85 percent and NPL coverage increasing to 185 percent with the bank’s conservative provisioning policy.
Common equity strengthened to P509.7 billion, with a capital adequacy ratio of 14.9 percent and common equity tier 1 ratio at 13.8 percent, well ahead of minimum regulatory levels.
Book value per share increased by 12 percent year-on-year to P96.75.