BDO Unibank earnings rise 12% to P84 billion in 2024

BDO Unibank Inc. reported a 12 percent increase in its 2024 earnings, reaching P84 billion, compared to P73.4 billion in 2023.

This performance translates to a return on common equity of 15.14 percent, with customer loans growing by 13 percent year-on-year to P3.2 trillion.

Total deposits increased by six percent to P3.8 trillion, of which 71 percent were current and savings accounts.

Net interest income and non-interest income both grew by eight percent due to an expansion in earning assets and growth in service businesses.

Asset quality remained strong, with the non-performing loan (NPL) ratio at 1.83 percent, lower than the industry ratio of 3.27 percent.

NPL coverage stood at 145 percent under revised BSP guidelines and 179 percent under the previous reporting system.

The bank expanded its branch network by 71 new locations in 2024, bringing its total to 1,791 branches, with the majority located in rural and provincial areas.

Notably, BDO raised P63.3 billion and P55.7 billion from ASEAN Sustainability Bonds in January and July 2024, respectively, to fund eligible projects under its Sustainable Finance Framework.