MANILA, April 24 (PNA) — Listed BDO Unibank Inc. (BDO) posted an 18-percent increase in net income in 2014 on the back of the strong performance of its lending and deposit-taking businesses.
President and chief executive officer Nestor Tan said its net income reached a record Php22.8 billion last year from Php19.32 billion in 2013.
The bank attributed the outstanding performance to increased earnings from its core businesses, mainly lending and deposit taking and fee-based services.
“Despite its continued business expansion, operating expense growth was well managed, and asset quality continued to improve,” it told the local bourse.
BDO continued its growth momentum in the first quarter of 2015 with a net income of Php6.1 billion, 12 percent higher year-on-year.
Net interest income remained the main earnings driver, followed by customer loans and income on deposits.
Fee-based income from payments, transaction banking and asset management services also expanded in January to March.
Operating expense growth was contained at 12 percent, bringing pre-provisioning operating profit to Php8.7 billion, up 19 percent year-on-year. (PNA)