BDO H1 net profit down 22% on lower trading gains

BDO Unibank Inc. (BDO), the country’s largest bank, reported a double-digit drop in net profit in the first six months of the year in the absence of extraordinary trading gains that sharply boosted earnings in the comparative half of 2013.

In a disclosure to the Philippine Stock Exchange, the Henry Sy-led BDO said its first half net profit slumped 22 percent to P11.05 billion from P14.1 billion in the same period of last year. Despite the sharp drop, the net income attained represents nearly half of BDO’s profit guidance of P22.8 billion for the full year. The bank said trading and foreign exchange gains in the period reached P4.2 billion, less than half the P8.8 billion recorded in the same period last year, although fee-based income increased to P8.3 billion from P7.6 billion previously.