BDO Reports ₱12.3 Billion Net Income in Q3

Banco De Oro (BDO) reported a net income of ₱12.3 billion in the third quarter, bringing its earnings for the first 9 months of the year to ₱16.6 billion, a 48% fall for the same period last year.

In a statement, BDO said “The delinquency problem on loans have not yet peaked, interest rate caps on credit cards will be instituted soon and there are added costs in doing business as a result of necessary precautions inherent in the Bank’s operations,”

The bank added “The Bank remained supportive of its borrowing clients, ensuring continued access to their credit facilities to help them manage their funding requirements during these challenging times, notwithstanding loan payment deferments under Bayanihan I and II.”

Source: ABS-CBN