BDO Unibank, Inc. Reports Strong Growth in Core Businesses, with Net Income Reaching P57.1 Billion in 2022

BDO Unibank, Inc. saw a significant increase in net income, reaching P57.1 billion in 2022, up from P42.8 billion in 2021. This growth was driven by the Bank’s core businesses, resulting in a Return on Average Common Equity (ROCE) of 13.0% for the year, improving to 15.3% for the fourth quarter.

BDO also experienced a 9% year-on-year increase in gross customer loans, and a 14% rise in total deposits, with net interest income growing to P149.2 billion. Non-interest income also climbed by 17%, boosted by strong performances in fee income, FX, and fixed income client-flow businesses.

Despite macroeconomic challenges such as inflation and foreign exchange and interest rate volatility, BDO remains optimistic about surmounting near-term risks and capitalizing on structural growth opportunities for long-term sustainable growth. The Bank’s asset quality also improved, with Non-Performing Loan (NPL) ratio decreasing to 1.95% and NPL coverage strengthening to 167%. Additionally, total capital expanded to ₱461.5 billion, with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) Ratio both comfortably above regulatory minimum levels at 14.5% and 13.4%, respectively. Finally, the Bank’s book value per share rose by 9% to Php 86.20 YoY.

BDO attributes its success to the opening of new branches in underserved/rural areas and continued Information Technology spend for digital initiatives.