The country’s leading lender BDO Unibank chalked up P13.3 billion in net profit in the first six months, little changed from the same period last year on lower trading gains and one-off items from the acquisition and consolidation of subsidiaries.
Excluding extraordinary items from the consolidation of newly acquired subsidiary BDO Life last year, BDO’s core earnings grew by 16 percent year-on-year in the first half, the bank disclosed to the Philippine Stock Exchange on Monday.
The increase in core earnings was primarily driven by an expansion in loan portfolio, growth in low-cost deposits and higher recurring fee-based service income.
Net interest income in the first semester was up by 22 percent year-on-year to P38.6 billion. This was as the bank expanded its earning assets, with customer loans increasing by 17 percent year-on-year to P1.6 trillion.
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Non-interest income amounted to P23.2 billion, driven by the 13-percent growth in fee-based service income. Insurance premiums also advanced by 17 percent year-on-year to P4.6 billion.
Trading and foreign exchange gains, however, declined by 21 percent year-on-year to P2.6 billion.
