BDO Unibank Inc. (BDO), the country’s largest lender, said Monday it booked an all-time high net income of P82 billion in 2024, a 12-percent increase from P73.4 billion in 2023.
It said the growth was led by strong performance in the bank’s core businesses.
The bank said in a disclosure to the stock exchange return on average common equity (ROCE) stood at 15.14 percent for 2024.
BDO saw a 13-percent increase in gross customer loans, totaling P3.2 trillion, with growth across all segments.
Total deposits grew 6 percent, reaching P3.8 trillion, and the current account/savings account (CASA) ratio was 71 percent.
Both net interest income and non-interest income grew 8 percent due to expansion in earning assets and growth in BDO’s service businesses.
BDO’s asset quality remained strong, with a non-performing loan (NPL) ratio of 1.83 percent, lower than the industry average of 3.27 percent. Its NPL coverage remained stable at 145 percent, following the new guidelines from the Bangko Sentral ng Pilipinas (BSP).
The bank’s capital position is also solid, with a common equity tier 1 (CET1) ratio of 14.1 percent. Book value per share rose 11 percent to P107.83.
BDO ended 2024 with a total branch network of 1,791 nationwide, including 71 new branches, mostly in rural and provincial areas.
The bank said it continues to invest in digital capabilities to improve customer experience and operational efficiency.
Regina Capital Development Corp. head of sales Luis Limlingan said BDO’s earnings result for 2024 is in line with market’s expectations.
Limlingan said the growth was supported by expansion of earnings assets and growth in the bank’s service businesses coupled with double-digit growth across all segments.
BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of Dec. 31, 2024.
BDO issued its second and third ASEAN Sustainability Bonds, raising a total of P119 billion in 2024.
These funds will support the bank’s sustainable development projects under its comprehensive sustainability framework.
Meanwhile, the board of directors or BDO declared regular cash dividends of P1 per common share for the first quarter of 2025.
The dividends will be payable on March 31, 2025, to stockholders of record as of March 11, 2025.
