Highlights: Sustained contribution from core lending and fee-based businesses; ROCE at 14.3%; Acceleration in loan growth to 13%, across various market segments; Stable asset quality with NPL ratio of 1.88% and NPL cover of 181%; Solid capital position and value creation: Book value per share up 12% to ₱99.23 ; and Year-to-date share price of ₱150.00 up 15% vs. end 2023 of ₱130.50.
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.