BDO Unibank reported a strong growth in its net income in the first nine months of the year, owing largely to its more “normalized” operations during the period compared to 2020.
In a disclosure to the bourse last Monday, BDO said it has delivered a net income of P32.4 billion in the first nine months of 2021, up 95.2 percent from the P16.6-billion net income in the same January-to-September period last year.
The bank said its earnings “normalized to pre-pandemic levels,” with stable quarter-on-quarter growth and positive loan growth during the period.
BDO’s gross customer loans outpaced the industry with a 5-percent year-on-year increase. Its total deposits, meanwhile, went up by six percent, driven by the 14-percent expansion in current account/savings account (Casa) deposits.
Casa deposits now comprise 85 percent of the bank’s total deposits. Non-interest income increased by 13 percent while trading and forex gains normalized to P2.8 billion.
The bank’s total capital base hit P422.3 billion, with Common Equity Tier 1 (CET1) ratio at 13.8 percent, well-above the regulatory minimum of 10 percent.
BDO’s book value per common share went up to P94.76 as of end-September 2021 against P84.82 in the same period last year, for a 12-percent growth.
Return on average common equity (ROE) for the first nine months of the year was also higher at 10.72 percent from 5.97 percent in the same period last year.
BDO also reported sustained investments in its information technology infrastructure and expansion in its digital capabilities.
“More significantly, the bank has now vaccinated 95 percent of its employees against Covid-19, thus raising the level of safety for clients and bank personnel,” the listed bank said in its disclosure.