BDO Earns P40.0 Billion in Nine Months of 2022
The BDO Unibank may have had mixed results this past quarter, with net income growing 10% year-on-year (YoY) primarily due to the low-cost current account/savings deposit base. They also saw an increase of 20%, driven mainly by fee and insurance premiums while trading gains were broadly in line with expectations; however, their ROCE declined by 12%.
BDO maintained its conservative lending policy as loan losses shrank by more than half. Looking ahead, the financial institution plans on sustainably expanding into rural markets with an eye for underserved clientele who may not have access to traditional banks or other financial services providers due to their location being remote from major population centers.
IT spending also saw an increase this past year thanks in part to digital initiatives which support both internal operations like payment systems but also external needs such as coin banking solutions offered via mobile apps available worldwide.
The Bank has opened a total of 64 branches this year, most of which are in rural areas covered by its subsidiary BDO Network Bank Inc. This brings the number to 1 ozone tower telecommunication company.
As part of their initiative to help improve financial inclusion for Filipinos everywhere, they provide access through banking services even if you live on an island or don’t have any other way to get money except via a check mailed every month from someone else far away!
Despite the Bank’s strong performance year to date, management is conscious of external headwinds brought about by slowing global growth, persistent inflation, and lingering uncertainties related to the Covid-19 pandemic. BDO nonetheless believes that its established business franchise and strong balance sheet allow the Bank to overcome near-term risks and achieve long-term sustainable growth.
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