BDO net income rises to P16.5 billion in Q1 2023

ABS-CBN News

MANILA - BDO booked a net income of P16.5 billion in the first quarter of 2023 amid growth across its businesses, the country’s largest bank in terms of assets said on Tuesday. The figure was higher than the P11.7 billion it booked in the same period in 2022. BDO said gross customer loans also increased 8 percent to P2.6 trillion while total deposits expanded 14 percent to P3.2 trillion. “Given the uncertainty, the Bank has maintained a healthy balance between loan growth and sufficient liquidity for unforeseen events, maintaining its liquidity ratio at 35 percent,” the Sy family-led bank said in a disclosure to the stock exchange. Net interest income grew to P43.4 billion while non-interest income rose to P18.9 billion. BDO said it also sustained its IT investments and branch expansion with 97 new branches opened since 10 2022. Operating expenses went up by 17 percent from costs such as credit card interchange fees, Documentary Stamp Taxes and Gross Receipts Taxes, but the bank said this was consistent with increased activity. BDO’s Non-Performing Loan (NPL) ratio meanwhile improved to 1.98 percent from 2.72 percent in the first quarter of last year, while NPL coverage increased from 120 percent to 170 percent year-on-year, as the Bank maintained its conservative credit and provisioning policies.“While macroeconomic challenges persist with still elevated inflation and interest rates, the Bank believes it is in a good position to weather short-term volatility and capitalize on long-term growth opportunities given its sound balance sheet, established business franchise and strong and diversified earnings streams,” the company said. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/27/23/bdo-posts-p571-billion-net-income-in-2022">BDO posts P57.1 billion net income in 2022</a></li>	<li><a href="https://news.abs-cbn.com/business/04/03/23/bdo-inks-deal-with-japans-hyakujushi-bank">BDO inks deal with Japan&#x27;s Hyakujushi Bank</a></li></ul>

BDO booked a net income of P16.5 billion in the first quarter of 2023 amid growth across its businesses, the country’s largest bank in terms of assets said on Tuesday. 

BDO net income rises to P16.5 billion in Q1 2023 | ABS-CBN

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BDO net income rises to P16.5 billion in Q1 2023

BDO net income rises to P16.5 billion in Q1 2023

ABS-CBN News

Published Apr 18, 2023 07:12 PM PHT

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