MANILA, Oct. 26 (PNA) — BDO Unibank Inc. (BDO), the banking arm of the SM Group, posted a 5.34-percent increase in profit in the first nine months of 2015 on the back of solid expansion of its core businesses.
In a disclosure to the Philippine Stock Exchange, BDO reported that its net income reached Php17.6 billion in January to September from Php16.7 billion during the same period last year, driven by increased business volumes and sustained branch expansion.
BDO’s lending operations picked up pace with a 19-percent surge in gross customer loans to Php1.2 trillion on sustained growth across its target markets.
Its total deposits rose by 12 percent to Php1.6 trillion, led by the 16-percent hike in low-cost deposits.
As such, net interest income (NII) rose by 12 percent year-on-year to Php41.8 billion.
The third-quarter results now incorporate the completion of the Bank’s acquisition of One Network Bank (ONB) in July this year, thereby adding over Php20 billion to its total loans and deposits.
BDO’s fee-based service income contributed Php13.9 billion to non-interest income, followed by trading and foreign exchange income at Php6.3 billion. (PNA)