BDO rakes in P20.4B net income as of end-Sept.
Double-digit growth in loans and deposits got the bank more dough for the year.
Bilyonaryo Henry Sy’s BDO Unibank has made a P20.4-billion net income from January-September 2017, which is 5% higher than the profits made a year ago.
In a disclosure, the listed bank attributed its growing bottom line to “sustained growth in its core lending, deposit-taking, and fee-based businesses.”
The bank reported that net interest income jumped by 23% to P59.8 billion as total loans granted reached the P1.7 trillion mark. Meanwhile, deposits jumped by 15% to hit P2.1 trillion.
Income from fees grew by 9% to P34.8 billion while insurance premiums shot up by a fifth to reach P7.2 billion, the bank told the Philippine Stock Exchange.
These were more than enough to offset higher operating costs which totalled P63.6 billion.
BDO’s stellar third-quarter run assured the bank will “strengthen its dominance” in the banking sector, cementing its position as the country’s biggest bank.