The country’s leading lender BDO Unibank chalked up a P20.4-billion net profit at the end of September, reaching 73 percent of its full-year earnings goal for 2017.
Based on a disclosure to the Philippine Stock Exchange, BDO’s nine-month net profit went up by 5 percent year-on-year on a steady growth in core lending and fee-based businesses.
Excluding extraordinary items, BDO’s net income would have expanded by 17 percent year-on-year, the bank said. One-off items were related to the consolidation of BDO’s life insurance business last year.
For the entire 2017, BDO is targeting net profit to reach a record-high P28 billion, 7.3 percent higher than the level posted last year. The bank expects this year’s profitability to be driven mostly by recurring earnings from lending and fee-based businesses.
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During the nine-month period, BDO’s net interest earnings rose by 23 percent year-on-year to P59.8 billion, driven by the 18-percent rise in customer loan portfolio to P1.7 trillion.
Expansion
