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Friday, April 23, 2021

BDO Earns P10.4 billion in First quarter of 2021

BDO Unibank, Inc. (BDO) held the Bank’s Annual Stockholders’ Meeting today virtually.


BDO Unibank, Inc. (BDO) President Nestor V. Tan reported the Bank’s full year 2020 and first quarter 2021 results at P28.2 billion and P10.4 billion, respectively, on the back of the Bank’s resilient business franchise despite the continuing challenges brought by the COVID-19 pandemic.  


BDO demonstrated operational resilience and grew its balance sheet amid the difficult operating environment in 2020. Net income was lower vs. 2019, mainly due to pre-emptive provisions of P30.2 billion set aside against potential pandemic-induced delinquencies. However, the Bank’s pre-provisioning operating profit remained solid with 17 per cent Year-on-Year (YoY) growth over 2019.  

For the first three (3) months of 2021, net income was at P10.4 billion up by 19 per cent from a year-ago on the robust performance from service fee businesses that compensated for the weak demand for loans. 


Loans dipped by one (1) per cent YoY to P2.2 trillion, while total deposits went up by two (2) per cent to P2.6 trillion, underpinned by the 11 per cent rise in CASA deposits, with the CASA ratio hitting a record 83 per cent. 


Non-interest income recovered driven by the strong performance of wealth management and life insurance businesses, as well as the normalization of trading and forex gains. Operating expenses were relatively flat compared to last year. 


The Bank set aside an additional P2.9 billion in provisions even as the 1Q21 NPL ratio of 2.81% remained within expectations, and is still below the three (3) per cent NPL ratio projected for end-2020. NPL coverage is now at 107.1 per cent, more than adequate to cover for potential losses. 


The Bank’s capital base strengthened to P400.9 billion with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) at 14.7 per cent and 13.6 per cent, respectively, both comfortably above regulatory levels and deemed sufficient to withstand near-term shocks. The Bank’s Book Value per common share stood at P89.89, up 7.8 per cent from year-ago levels.

 

BDO remains resilient in the face of the continuing challenges of the health crisis and will continue to strengthen its business franchise and invest in its digital infrastructure with the ongoing implementation of the Bank’s strategic programs. 

 

6 comments:

  1. This is really amazing. If I have this kind of money it will be hard for me to think of ways on how to use it properly. Earning something that big is awesome. This is just a proof that they are doing good in facing the challenges that they are encountering during this time of pandemic. This is truly remarkable.

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  2. The best tlga ang bdo kahit nun pa man kilalang kilala na sila , kaya marami ang nagtitiwala sa bdo .. tlgang nggwa nila ang lahat lalo na ngyong pandemic ! ❤️ (Apple Joy Camañero)

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  3. Wow nman. Congrats BDO. Very desserve and worth it for having a good service and super trusted bank. Maraming offers na Loan, Insurance and MARAMI din natulungan from their diff campaigns.

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  4. so nice naman po neto and talagang the best itong bdo and they have good service talaga and one of the trusted bank đŸ„°

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  5. Maganda po talaga itong Bdo. Trusted bank napo talaga ito. Kaya halos Lahat talaga ng tao kilalang kilala ito.. At napaka ganda po talaga ng serbisyo nito, talagang maaasahan itong banko nato.

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  6. I'm impressed how big BDO earned this first quarter. It's nice that despite the challenges of pandemic they remain resilient and continue strengthening its business. It only shows how great their leadership is.

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