BDO reports 11.73% net profit increase in 2024

BDO Unibank Inc., led by the Sy family, reported a net profit increase of 11.73% in 2024 due to strong performance across its core businesses.

The bank's attributable net income rose to P82.02 billion from P73.41 billion in 2023 with returns on common equity and average equity at 15.1% and 15%, respectively.

BDO's gross customer loans grew by 13% to P3.2 trillion, while its net interest income and non-interest income increased by 8% each.

Despite a rise in total assets to P4.88 trillion, BDO maintained steady asset quality with the NPL ratio at 1.83%, lower than the industry average of 3.27%. The CET1 ratio was at 14.1%, reflecting sustained profitability and robust financial standing.

Total deposits rose by 6% to P3.8 trillion, with CASA deposits making up 71% of total deposits, further solidifying BDO's market position.

BDO opened 71 new branches in provincial areas last year, complementing its digital banking ecosystem to enhance customer convenience and accessibility.