26.4 C
Cagayan de Oro
Thursday, June 20, 2024
spot_img
HomeBusinessBDO net income reaches ₱57.1 billion in 2022

BDO net income reaches ₱57.1 billion in 2022

BDO Unibank, Inc.’s (BDO) net income increased to P57.1 billion for the full year 2022 vs. P42.8 billion in 2021, driven by robust growth across its core businesses. This led to Return on Average Common Equity (ROCE) of 13.0% for the year improving to 15.3% for the fourth quarter, from 10.5% in 2021 and 12.8% in pre-COVID pandemic 2019.

Gross customer loans went up by 9% year-on-year on broad-based growth due to the economic re-opening. Total deposits rose by 14%, with Net interest income growing by 14% to P149.2 billion.

Non-interest income climbed by 17% to P71.5 billion bolstered by strong performance of our fee income, FX and fixed income client-flow businesses.

Positive operating jaws continued with revenues up 15% for the year, versus operating expenses up 9% on back of new branches in underserved/rural areas and continued Information Technology spend for digital initiatives.

Asset quality improved further, with Non-Performing Loan (NPL) ratio dipping to 1.95% and NPL coverage strengthening to 167%. 

Total capital expanded to ₱461.5 billion, with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) Ratio both comfortably above regulatory minimum levels at 14.5% and 13.4%, respectively. Book value per share rose by 9% to Php 86.20 YoY.

While macroeconomic challenges remain with persistent inflation and foreign exchange and interest rate volatility, BDO believes that its established business franchise and strong balance sheet will allow the Bank to surmount near-term risks and capitalize on structural growth opportunities to attain long-term sustainable growth. 

Joel Escol
Joel Escolhttps://www.youtube.com/channel/UCK_sKdGFs0ewIh9R-iAskDg
Joel Calamba Escol is a journalist in the Philippines for more than 20 years. Currently, he is the Managing Editor of Mindanao Daily News, the biggest and most-widely read newspaper in Southern Philippines. He is also known as Noypi Vlogger in Youtube. You can follow him on the following social networking sites below.
RELATED ARTICLES
Advertismentspot_img

Most Popular

Recent Comments