BDO net income jumps up to PHP13B for first half of 2017

Manila, Philippines - Banco de Oro Unibank Inc. (BDO) net income grows to PHP13B in first half of 2017, higher than the PHP11.7 billion in the period in 2016.

In a disclosure with the Philippine Stock Exchange(PSE) Monday, the bank traced the improvement of its bottom line to core business or the rise in loans, the low-cost deposites and recurring fee-based service income.

Report said that loans jump up by 17 percent to PHP1.6 trillion while total deposits ended nearly PHP2 trillion, with the latter buoyed by the 17 percent increase in low-cost savings and current accounts, which in turn account for 73 percent of total deposits.

With the increase in core business, net interest income posted an uptick of 22 percent to PHP38.6 billion. Of the total, insurance premiums increased by 17 percent to PHP4.6 billion while trading and foreign exchange gains contracted by 21 percent from years-ago's PHP3.2 billion to PHP2.5 billion.

Source: PNA