BDO: 2015 profit hits record P25B

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BDO Unibank Inc. said net income climbed 10 percent to a record P25 billion in 2015 on robust growth across all business segments.

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In a disclosure to Philippine Stock Exchange on Monday, the listed commercial banking arm of the Sy family said net income in 2015 matched its earnings guidance for the year despite the challenging operating environment.

In 2014, the bank recorded net income of P22.8 billion.

BDO said it achieved another milestone last year as it became the first domestic bank to reach the P2-trillion mark in total assets.

BDO’s customer loan portfolio grew 17 percent to P1.3 trillion, outpacing the industry’s growth rate of 13 percent.

Total deposits grew 12 percent to P1.7 trillion, underpinned by the faster 19 percent jump in low-cost deposits. This resulted in net interest income amounting to P57.0 billion, it said.

The bank’s non-interest income rose to P31.9 billion, with fee-based service income contributing P19.4 billion and trading and foreign exchange gains accounting for P7.2 billion.

Gross operating income advanced by 10 percent to P88.9 billion.

Operating expense grew 14 percent “due to sustained business and branch expansion as well as the consolidation of One Network Bank (ONB) in July 2015.”

Meanwhile, BDO said it had set aside P3.0 billion in provisions even as itsgross non-performing loan (NPL) ratio declined to 1.2 percent from 1.3 percent in 2014. The NPL cover of the bank remained high at 166 percent

The lender’s capital base hit almost P200 billion in 2015, with capital adequacy ratio (CAR), Tier 1 capital ratio and common equity tier 1 (CET1) ratio all settling comfortably above the current regulatory minimum under the Basel III framework at 13.3 percent, 11.7 percent and 11.3 percent, respectively.

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