Highlights:
• Core businesses drive earnings and lift ROCE to 15.1%
• 2Q24 ROCE at 15.8%
• Gross customer loans expand 13% on broad-based growth
• Asset quality stable with NPL ratio at 2.06% and NPL cover at 169%
• Solid capital position with book value per share increasing 12% to ₱102.22
• Third ASEAN Sustainability Bonds successfully issued, raising ₱55.7 billion
BDO Unibank, Inc. (BDO) posted net earnings of ₱39.4 billion in the first half of 2024, 12% higher year-on-year, on the stronger momentum from its core intermediation and fee-based service businesses. Annualized Return on Common Equity (ROCE) improved from 14.3% in the first quarter to 15.8% in the second quarter.
Gross Customer Loans expanded by 13% across all market segments, while total deposits rose 13%. BDO’s Current Account/Savings Account (CASA) ratio stood at 69%.
Non-Interest Income grew by 13%, supported by healthy growth in fee income, treasury and the continued recovery in life insurance premiums.
Asset quality remained stable despite elevated interest rates. Non-Performing Loan (NPL) ratio settled at 2.06% while NPL coverage stood at 169%, better than the industry average.
Shareholders’ equity strengthened 12% on profitable operations, with book value per share expanding 12% YoY to ₱102.22.
The Bank successfully issued its third ASEAN Sustainability Bonds last July 24, 2024 raising ₱55.7 billion to finance and/or refinance eligible projects to further aid the country’s sustainable development.
BDO’s robust business franchise and strong balance sheet place the Bank in a suitable position to capitalize on emerging opportunities to sustain attractive long-term growth and profitability.
