BDO Unibank Achieves Impressive Financial Growth in 2023

BDO Unibank Inc., under the leadership of the Sy family, has announced a significant leap in its financial performance for the year 2023. The bank’s net income surged to P73.4 billion, marking a substantial growth of 28.55% from the P57.1 billion recorded in 2022. This remarkable performance has resulted in a return on common equity (ROCE) of 15.2%, a notable increase from 13.0% in the previous year, showcasing the bank’s effective profitability and operational efficiency.

The bank’s financial success is attributed to the robust expansion of its core businesses throughout the year. A key factor in this growth was the bank’s net interest income, which reached P186.4 billion. This increase was supported by a 9% rise in gross customer loans, totaling P2.85 trillion, and an 11% uplift in total deposits to P3.57 trillion. Notably, the current account and savings account (CASA) ratio stood at an impressive 72%, indicating a healthy liquidity position.

In addition to its interest income, BDO saw a significant boost in its non-interest income, which hit P84.0 billion. This growth was driven by the bank’s diversified fee-based services and its treasury or foreign exchange operations. Furthermore, the pre-provision operating profit saw a 27% increase, reaching P113.6 billion, reflecting the bank’s strong operational performance and resilience.

BDO’s expansive network continues to serve its growing customer base, with over 1,700 operating branches and more than 4,800 automated teller machines (ATMs) across the Philippines as of the end of January 2024. The bank also maintains a global presence with 16 international offices in key regions including Asia, Europe, North America, and the Middle East, highlighting its commitment to providing accessible financial services on a global scale.

This financial milestone underscores BDO Unibank’s strategic focus on growing its core businesses, investing in technology, and expanding its network to better serve its customers. With its strong financial foundation and forward-looking strategies, BDO Unibank is well-positioned for continued growth and success in the financial industry.